The partnership will enable Binance facilitate more cryptocurrency purchasing services on its trading platform.
Binance users from the supported countries are now able to buy Bitcoin and other cryptos via debit or credit card through Binance Fiat Gateway at low fees. The purchases crypto can then be immediately traded on Binance.com minutes after they have been bought.
The CEO of Binance CEO, CZ, expressed his joy regarding the new collaboration and made the following comment:
“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. 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.”
Through its proprietary exchange technology, Koinal claims that crypto purchases are made much easier and through this recent integration Binance users will be able to buy Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP. Purchases can be done with local fiat currency through debit or credit cards, such as Visa and Mastercard, and wire bank transfers for users based in more than 175 countries.
The official blog post lists the benefits of buying crypto efficiently through Koinal on Binance. First, transaction times are, on average, 5-20 minutes for cryptos to be deposited into a user’s wallet and the fees are a low 2.5% for each transaction.
Caroline Holst, Head of Sales at Koinal, said about the newest development:
“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.”
Featured image: Binance