The partnership of Binance with Simplex
The largest crypto exchange by adjusted trading volume in the world, made it easier for its users to buy cryptocurrencies. On Thursday, the exchange has announced that it has partnered with Israel-based payments processing firm Simplex to enable purchases with Visa and Master Card credit cards.
At the time of the launch, the exchange supported credit card purchase for Bitcoin or BTC, Ether or ETH, Litecoin or LTC and XRP of Ripple. These may be traded against up to 151 other tokens offered by the exchange.
The CEO of Binance, Changpeng Zhao, said that the crypto industry is still it the early stages and most of the money in the world is still in fiat. Building fiat gateways are what they actually need now to grow the ecosystem, increase adoption, as well as introduce crypto to more users.
The countries excluded from the service
According to the terms and conditions pages of Binance, some countries are excluded from the service, which includes Cuba, Iraq, Afghanistan, as well as Libya. In the United States, about six states are also not supported, and they are New York, Connecticut, Hawaii, Georgia, New Mexico, and Washington.
Regarding the fees, Simplex is charging 3.5% of a transaction with a $10 minimum. The daily limit is $20,000 per user, while the monthly maximum is $50,000 per user.
The firm added that simplex payment processing is the subject to local bank policies. Some of the issuer banks may also decline charges on their own terms, regardless if users reside in a supported jurisdiction.
The launch of the new fiat-to-crypto exchange
Discovered in 2014, Simplex raised $7 million in a Series A funding round in February 2016. The investors also included the mining firms Cumberland Mining and Bitmain, crowdfunding platform FundersClub, among others.
Back in November, the payments firm also partnered with Singapore-based cryptocurrency exchange KuCoin in order to enable traders to buy BTC, ETH, and LTC, through credit and debit cards payments.
Earlier in January, Binance launched a new fiat-to-crypto exchange on the island of Jersey, a British self-governing dependency which enables users to trade BTC and ETH against the British pound and the euro. Also, it opened shop in Uganda last year in October, permitting crypto trading against the fiat currency of the country, the Ugandan shilling.