The world’s largest cryptocurrency exchange Binance partnered with Israel-based payments processing firm Simplex to enable purchases with Visa and MasterCard credit cards.
Binance is now supporting credit card purchase for bitcoin (BTC), litecoin (LTC), ether (ETH) and ripple (XRP), which are all tradable against 151 other tokens listed at the exchange.
“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,” – Changpeng Zhao, CEO Binance, said on the matter.
Founded in 2014, Israeli company Simplex raised $7 million from mining firms Bitmain and Cumberland Mining, crowdfunding platform FundersClub and few others in a Series A investment round in February 2016.
This month, Binance launched Binance Jersey, a new exchange which makes it possible to trade cryptocurrencies like bitcoins (BTC) and ethers (ETH) for euros (EUR) and pounds sterling (GBP) in Europe and the UK. This was preceded by the launch of a crypto-to-fiat exchange in Uganda.