It appears that the good news from Binance won’t stop this year. After the recent extremely successful launch of Binance Jersey, Binance made another huge announcement today – a partnership with Simplex.
Short Introduction about Simplex
For those of you who haven’t heard about Simplex until today, let us help you and tell you more about it. This Fintech company was created to offer fraudless payment processing solutions. If that’s a huge problem for giants like PayPal, Simplex solved it trough their state-of-art AI technology. Simplex process credit card payments and offer a 100% guarantee for the merchant. In case of a chargeback, the fees will be paid by Simplex to the merchant.
Notice: Simplex payment processing is subject to local bank policies. Some issuer banks have their own terms regarding where and when those cards can be used, and may decline the charge on their side, regardless if users reside in a supported jurisdiction. For more information on issuing banks and restrictions, please refer to Simplex FAQ. (https://www.simplex.com/kbtopic/faq/)
What’s the Purpose of This Partnership?
Binance is working hard to extends their services, we’re all aware of that. By offering this option, the adoption of cryptocurrencies worldwide could be increased. The Simplex partnership would offer people a way to purchase BTC,ETH, LTC or XRP in a easy way and more secured than before. CZ Zhao, the CEO of Binance, stated:
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.
With over 1.4 million orders per second supported and the fastest way to purchase cryptocurrency, Binance just became the leading exchange in our opinion. The trading volume is the highest in the world and among the most clean one, wish a low rate of ‘wash trades’.The Simplex CEO and Co-Founder, Nimrod Lehavi, declared,
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,
And Changpeng Zhao finished with a statement that makes us believe that the future of crypto is bright, not in terms of prices – but of adoption and use-case,
“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,”
Binance Accepting Credit Cards – Bad News For Coinbase?
Right now, it takes between 10 and 30 minutes for the funds to reach Binance after your deposit. And the fee is a pretty low one – a 3.5% or a 10 USD, whichever is higher. If you’re interested in this subject, you can check more in the Binance announcement. In terms of fees, Coinbase have higher ones for credit/ debit cards – a 3.99% one. But, there are less costly option on Coinbase, such as the SEPA or Bank Transfer with 0 and respectively 1.49%.
We don’t believe that this news would be bad for Coinbase, as competition is always constructive. Its always nice to know that you have an alternative – no matter how big is a business.
Image source; u.today
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