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Binance announces partnership with Koinal to scale up crypto-purchasing services

Chayanika Deka

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Source: Pixabay

One of the world’s leading cryptocurrency exchanges, Binance is in the news after it announced a partnership with London-based payment processing company, Koinal. With this partnership, Binance aims to enable more cryptocurrency purchasing services on its trading platform.

According to the latest development, starting today, Binance users in supported countries can purchase Bitcoin and other digital assets with a debit or credit card at the lowest fees through Binance Fiat Gateway. These users can then begin trading on Binance.com within minutes.

CEO of Binance CEO, CZ, welcomed the development and commented,

“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.”

Koinal claims to simplify the purchase of crypto via its proprietary exchange technology, and will enable Binance users to buy Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP with any local currency via debit or credit cards such as Visa and Mastercard, as well as wire bank transfers for users in more than 175 countries.

According to the official blog post, users on its platform will be able to purchase crypto efficiently and at low fees. It would take an average of 5-20 minutes for each purchased asset to reach a user’s wallet and at a low charge of 2.5% per transaction.

Addressing the latest integration, Caroline Holst, Head of Sales at Koinal, said,

“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”

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.