Binance Improves Fiat Payments Service with Banxa Partnership

Binance Improves Fiat Payments Service with Banxa Partnership

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Binance has increased the speed of their payment services after they formed a partnership with the global payment solution, Banxa.

The improvements that will come as a result of the Banxa deal will be most prominently felt by users who choose to deposit to the platform via Great British Pounds (GBP) or Australian Dollars. Although there will be positive effects for traders who also deposit to Binance with Euros also.

All traders that use these currencies should now be able to benefit from faster transaction speeds and thus, a more streamlined process when they are attempting to buy crypto via these fiat currencies. This can be utilised when users head over the buy crypto page of Binance and select the Faster Payments (FPS) option. This will then ensure the system provides the users with a near-instantaneous and low-fee transactions.

Who are Banxa?

It is via Banxa, a service that specialises in compliant fiat-to-crypto transactions, that this has been made possible. The international compliant gateway was built to function alongside exchanges, wallets and other business that operate within the cryptocurrency industry. By Binance joining forces with Banxa, they have now ensured that a smoother, more user-friendly service has been guaranteed for their British, Australian and European traders.

Holger Arians, Banxa CEO, explained the concept of Banxa and the benefits it offers traders, explaining that, “Banxa allows crypto exchanges, wallets and other crypto platforms to offer instant fiat to crypto conversions. With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance and chargebacks.” Arians went on to stated that his firm is “very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance,”

Support For All 180 Fiat Currencies

Meanwhile, CZ (Changpeng Zhao), Binance CEO, explained that his exchange’s aim is to help transition the global money supply, which is currently 99.9% fiat. he acknowledged that crypto and fiat would co-exist for a long time to come, but he will intend to continue “building bridges to enable easier flow into crypto”.

One of the key ways by which he plans to do this is via an ambitious plan adding support for all 180 fiat currencies in 2020. This partnership with Banxa, he believes, would help that transition because “Banxa is a partner who shares our mission of making cryptocurrency accessible to people around the world.” As such, for fiat to crypto needs, Binance looks set to be the leader in the industry.

Elsewhere in the world of Binance, they recently have been tinkering with another part of their service, namely, Binance Futures. They added an isolated margin mode before adding support for XRP/USDT to their futures trading options earlier this week

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