The crypto-exchange Binance has now announced a partnership with leading payment processor Simplex. As a result, Binance customers can now buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple XRP and pay by credit card.
“The crypto industry is still in its infancy and most of the money in the world is still fiat [money]. Building Fiat accounts is necessary to grow the crypto environment, encourage adoption, and bring more users to cryptocurrencies. “
You can use Visa and Mastercard credit cards on Binance to buy cryptocurrencies. Processing of payments takes between 10 and 30 minutes. There will be a 3.5 percent or $ 10 charge per transaction, whichever is greater.
Simplex co-founder and CEO, Nimrod Lehavi, wrote about the new partnership:
“Easy and fast credit card payments for mainstream users are a key factor in broader, general acceptance of cryptocurrencies. We are thrilled to work with Binance to provide a better, faster and easier user experience. “
However, it should be remembered that there were difficulties with credit cards in the last year. Some providers had blocked their cards for the purchase of cryptocurrencies. These locks are likely to continue.
Binance and his expansions
Accepting credit card payments is another step forward for Binance. Previously, Binance had only allowed the trade from crypto currency to cryptocurrency. Some time ago, however, the crypto exchange opened a branch on the Channel Island of Jersey. From there Binance also offers trading pairs with Euro and British Pounds. In addition, Binance has also opened a platform in Uganda. There, customers can make deposits and withdrawals in Ugandan shilling.
However, the current payment option with credit card seems to be the most far-reaching innovation for Binance to date. According to the information so far, it is open to all customers of the crypto exchange. Overall, there are only a few crypto exchanges where you can buy cryptocurrencies with credit cards. The reason for this is the fear of so-called “chargebacks”. These are chargebacks of the credit card companies. The reason for this is true or false information provided by the customer, which leads to cancellations of the payments. A crypto exchange that accepts credit card payments always runs the risk of being charged with a chargeback. Then the exchange does not receive the payment, but has already transferred the crypto currency to the customer.
However, experience in other markets has led to a chargeback in only about 2 percent of all cases. Binance may be able to cover this risk through its profits and as a business expense.
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ab-sofort-ripple-xrp-bitcoin-litecoin-and-ethereum-mit-kreditkarte-auf-bitcoin-boerse-Binance-verfuegbar/
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