Binance To Support Mastercard Allowing Crypto to Fiat Option
- Crypto.com has recently announced that it would be issuing Visa cards in Singapore.
- Users may immediately move their cash to a Visa or Mastercard credit or debit card.
Binance, the biggest cryptocurrency exchange in the world, recently announced that it will begin accepting Mastercard debit and credit cards from customers in the United Kingdom and the European Economic Area (EEA) as payment for buying and selling cryptocurrency. The news was broken on the official Binance blog.
When a user has verified their account, they may then sell any cryptocurrency for fiat currency. In addition, consumers may immediately move their cash to a Visa or Mastercard credit or debit card.
More Convenient For Users
In May of 2022, Binance became the first exchange to provide a buy-for-fiat option for all cryptocurrencies, accepting eleven different fiat currencies as payment. The process of exchanging cryptocurrency for fiat currency is explained in detail on the exchange’s website.
Although Binance seems to be the one introducing Mastercard support in this case, other payment processors are clearly ready to join the crypto fray. Crypto.com has recently announced that it would be issuing Visa cards in Singapore. The platform now has a presence in Singapore, a major financial center.
Visa cards issued on this platform are the most widely accepted cards in the world, accepted by over 80 million businesses worldwide. Cryptocurrency payments may now be made in 40 countries thanks to Visa’s partnership with the FTX exchange.
Both Visa and Mastercard are widely accepted across the globe. The cryptocurrency sector is poised to usher in a historically unseen monetary and operational revolution. Most large organizations have already recognized crypto’s massive potential. Despite the global economic downturn, interest in digital assets has continued to rise, even though investments have been modest.
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