Binance, the world’s largest cryptocurrency exchange, recently announced that it will begin accepting Mastercard debit and credit cards as payment for cryptocurrency purchases and sales from customers in the United Kingdom and the European Economic Area (EEA). The announcement was made on the Binance official blog.
After a user’s account has been verified, they can sell any cryptocurrency for fiat currency. Furthermore, customers can transfer cash to a Visa or Mastercard credit or debit card right away.
Binance became the first cryptocurrency exchange to offer a buy-for-fiat option for all cryptocurrencies in May 2022, accepting eleven different fiat currencies as payment.
The exchange’s website goes into great detail about the process of exchanging cryptocurrency for fiat currency.
Although Binance appears to be the first to offer Mastercard support in this instance, other payment processors are clearly eager to enter the crypto fray.
Crypto.com recently announced the launch of Visa cards in Singapore. The platform is now available in Singapore, a major financial hub.
Visa cards issued through this platform are the most widely accepted cards in the world, with over 80 million businesses accepting them globally.
Because of Visa’s collaboration with the FTX exchange, cryptocurrency payments can now be made in 40 countries.
Visa and Mastercard are both widely accepted around the world. The cryptocurrency industry is poised to usher in a monetary and operational revolution never seen before.
Most major corporations have already recognized cryptocurrency’s enormous potential. Despite the global economic downturn, interest in digital assets has risen, despite modest investments.