Binance Finally Allows You to Buy Crypto With Debit and Credit Cards

Siamak Masnavi

On Thursday (January 31st), digital asset exchange Binance announced that it is now possible to buy cryptocurrency with a debit or credit card. 

Here is how it announced the news on Twitter:

Binance's blog post says that it was able to offer this via a new partnership with Simplex, which describes itself as "a fintech company that provides worldwide fraud-free payment processing." Simlex also helps several other crypto companies with debit/credit card processing, including BitMART Exchange, Xaro, BTCC, and Changelly.

According to Binance, this partnership brings users two benefits:

  • "Fast: Average 10-30 mins for cryptocurrency to reach your wallet"
  • "Low Fees: only 3.5% per transaction or 10 USD, whichever is higher"

Binance users from today can use Visa or MasterCard debit and credit cards to buy BTC, ETH, LTC and XRP (the base currencies Binance supports excluding the stablecoins). To do so, you need to visit: https://www.binance.com/en/creditcard

When you go there, this is the screen you will see:

Binance and Cards Screenshot.png

In Europe, you can choose the transaction amount to be either in USD or EUR. The "crypto amount quoted is based on the current rate and is not final," and if "the rate changes by more than +/-2.5% you will be asked to reconfirm the transaction via email from Simplex."

Changpeng “CZ” Zhao, the CEO of Binance, had this to say about the new partnership:

“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”

And Nimrod Lehavi, Co-Founder and CEO of Simplex, stated:

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience."

During the past few months, Binance has launched two fiat-to-crypto exchanges (in Jersey and Uganda), and with this partnership, Binance is "further expanding to global markets."

The Binance CEO said:

“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users."

 

Featured Image Credit: Photo via Pexels.com

$8.5 Billion: Coinbase's Bitcoin Holdings Could Surpass 1 Million BTC Next Month Report

San Francisc-based cryptocurrency exchange Coinbase could soon hold over 1 million bitcoin on its cold wallets, showing bitcoiners are still storing funds on trading platforms en masse.

According to a report published by data source Longhash, Coinbase’s cold wallets contained roughly 970,000 BTC, worth about $8 million, at the beginning of this year. A graph shared with Longhash’s readers shows that the exchange’s bitcoin holdings have been growing steadily.

Coinbase's BTC wallet holdingsSource: Longhash

In comparison, the bitcoin holdings of other cryptocurrency exchanges’ bitcoin holdings haven’t grown exponentially last year, with no other trading platform having over 250,000 BTC in cold storage.

Coinbase is estimated to have over 30 million registered users, and if Longhash’s data is correct it’s also the cryptocurrency trading platform with the largest bitcoin holdings. It has managed to keep on gaining exposure over the years, even launching a trading app for its Coinbase Pro platform late last year.

While in September 2019 data from CryptoCompare’s Exchange Review showed that both Coinbase and Binance were seeing a massive surge in web traffic, the BTC holdings Binance had in cold storage remained relatively flat, while those of Coinbase kept surging.

Longhash points out that Coinbase has been serving institutional investors with its services, offering offering support for Maker contract voting and XTZ baking on its Coinbase Custody platform.

Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings.

Coinbase Custody, it’s worth noting, is estimated to have had $1 billion in assets under management 12 months after launching. As CryptoGlobe reported, Bitfinex recently moved $1.1 billion worth of bitcoin for an $80 fee, presumably while managing its cold storage wallets.

Featured image via Unsplash.