February 1, 2019: Leading cryptocurrency exchange Binance has announced a partnership with Simplex to allow users to buy cryptocurrency on the exchange using credit card.
Announced on Binance’s blog, the partnership with payment processing firm Simplex enables users to purchase cryptocurrency using a credit card directly on Binance exchange. The company frames this partnership as a way for Binance to support broader access to cryptocurrency.
In a statement, Binance CEO Changpeng Zhao said the partnership with Simplex allows them to “bridge the gap between credit card payments and crypto for traders globally”.
When users purchase crypto on Binance using their credit cards, it will be processed by Simplex. Visa and MasterCard are supported, making it easily accessible to 883 million Visa holders and 722 million MasterCard users. (Read: How to Buy Crypto in the Philippines Using Credit Card.)
Binance is the largest cryptocurrency exchange by trade volume, processing 1.4 million orders per second. It has launched separate fiat-to-crypto exchanges like Binance.je and Binance Uganda.
The company has also launched a series of meetup in the Philippines.
Simplex is a payment processing company that provides bitcoin exchanges, broker sites, and apps with a platform for selling bitcoins via credit card. Simplex is also the crypto-to-fiat credit card facilitator for Abra, a crypto wallet supporting the Philippines.
More recently, Simplex has announced partnerships with other crypto platforms such as ABCC exchange and Vault.io. In a statement, Simplex CEO Nimrod Legavi said the Binance partnership will enable “a better and easier experience” when it comes to acquiring cryptocurrencies.
Because Simplex allows users to purchase bitcoin via credit card, even users in the Philippines can take advantage of this feature in Binance. Other platforms available for Philippine users when it comes to “fiat-to-crypto via credit card” are Changelly, Abra, Cex, Coinmama, and Paxful.
This article first appeared at BitPinas: You Can Now Buy Crypto on Binance Using Credit Card