Leading cryptocurrency exchange Binance has partnered with Koinal to offer users the option to buy crypto with fiat using debit and credit cards.
In a blog post published on Wednesday, Binance announced the partnership, which will enable users to easily purchase cryptocurrencies on the platform using Visa or MasterCard debit and credit cards.
Binance CEO Changpeng Zhao said that the platform will continue to expand its fiat-to-crypto payment options as a means to increase crypto adoption.
“Freedom to convert easily between fiat and cryptocurrency is key to bringing crypto further mainstream. As the blockchain industry matures, there is more demand to bridge the two worlds than ever before,” he said.
“At Binance, we want to provide users with the easiest way to enter and thrive in the crypto space. At the infrastructure level, we will continue to build fiat-to-crypto gateways in our effort to increase accessibility and adoption of crypto.”
— CZ Binance (@cz_binance) September 25, 2019
How Koinal transactions will work
Once logged in, Binance customers will be able to use Koinal’s payment solution to purchase Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, and Bitcoin Cash (BCH) through the Binance Fiat Gateway.
The process is fast and easy, with transactions being completed and purchased cryptocurrencies reaching users Binance wallets in just minutes.
In addition to the convenience of being able to purchase crypto with Visa and MasterCard, customers who avail themselves of the new Koinal service option will enjoy lower transaction fees – just 2.5% – than other purchasing methods.
Users making “total cumulative purchases” of less than $2,500 will not be required to complete KYC verification, though if they choose to do so, their purchase limit increases to $50,000.
Through Koinal, Binance users in more than 175 countries can not only make credit and debit card purchases but also wire bank transfers.
Koinal’s Head of Sales, Caroline Holst, commented: “We are thrilled to partner with Binance and open up additional credit card payment channels to the digital asset economy, providing easier access to the cryptocurrency space for millions of Binance users.”
“We look forward to bringing more ease and affordability of purchasing digital assets to the global Binance community,” she added.
Of course, there are some limitations. Customers in Mainland China, Russia, Vietnam, Bolivia, Colombia, Ecuador, Algeria, Bangladesh, Indonesia, Jordan, Kyrgyzstan, Morocco, Nepal, KSA, Iran, Pakistan, Taiwan, Cambodia, and the United States will be unable to use the fiat-to-crypto service.