One of world’s largest global cryptocurrency exchanges in terms of trading volume, Binance’s official wallet, Trust Wallet lets users buy cryptocurrency with credit cards. The exchange partnered with Simplex, the Israel-based payment processor. According to an announcement from Binance on Tuesday, the new update in the payment system became possible because of this partnership.
Global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies has added support for Ripple’s XRP, the third largest cryptocurrency by market capitalization based on the data from Coin Market Cap.
Binance’s Trust Wallet enable users to buy bitcoin [BTC], XRP, ether [ETH], bitcoin cash [BCH], litecoin [LTC] “major” credit and debit cards. The exchange hasn’t specified which all cards are eligible for this payment upgrade or any further information regarding the transaction fees and interests.
Viktor Radchenko, founder of Trust Wallet said,
“We want to increase access to crypto and decentralized applications for all users.”
“Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust,” he added.
The exchange acquired the Trust Wallet in July 2018 but the wallet supported only ethereum and ethereum-based tokens at the time. The exchange currently supports 17 tokens and “hundreds” of decentralized apps or dapps, according to the announcement.
The exchange’s upcoming decentralized exchange Binance DEX will launch by early Q2 of 2019. The Trust Wallet will be a native wallet to Binance DEX.
Binance was shut down for maintenance and upgrading on Tuesday for almost 8 hours. Trading was suspended during this period. The deposits that are not completed before the beginning of upgrade will be completed now.
In January 2018, the exchange added support for credit cards purchases collaborating with Simplex.