Binance offers users a new fiat to crypto onramp with Koinal

Latest

Binance has got us accustomed to a constant stream of delivering new products and services that would attract new classes of users and enhance its position in the cryptocurrency market.
In an effort to improve the onboarding process for more people interested in the crypto phenomenon, Binance partnered with Koinal – a company offering payment processing services – to allow customers looking to purchase a number of cryptocurrencies by using their credit cards.
The five cryptos accessible to Binance users via the new Koinal portal are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP and Bitcoin Cash (BCH).
With the new fiat to crypto onramp delivered by Binance via Koinal, customers from more than 175 countries can use Visa or Mastercard to easily get into the crypto space. However, we have to say that the same cards from some major nations are excluded, such as the United States, China and Russia.
Changpeng Zhao, Binance CEO, emphasized that the freedom to easily convert fiat into cryptocurrencies and vice versa is the key to bringing digital assets to the mainstream public that generally lacks technical expertise. As the blockchain industry matures, there are more and more demands to bridge the gap between the two worlds.
Looking at the less bright side of the Koinal partnership, we have to say that costs continue to remain high for users, even though at the moment this is the cheapest method to acquire cryptos with your credit card on Binance.
Binance offered users the possibility to purchase cryptocurrencies via Simplex payment processing service at the start of 2019 with the user paying a 3.5% transaction fee. From now on, with the new Koinal payment option in place, users will only have to pay a 2.5% transaction fee.
If the credit card payment fees continue to decrease, users will start considering this option instead of the classical bank transfer (which takes several days to complete), especially in the crypto space where speed is of the essence for most traders.

Leave a Reply

Your email address will not be published. Required fields are marked *