By George Ward
According to reports, crypto exchange, Binance, now supports crypto swaps for cash through EEA (European Economic Area), and UK-issued Mastercard cards. As a result, users on Binance can exchange their crypto for fiat currency. Afterward, they can transfer the fiat currency to their Mastercard card.
The exchange added the announcement on its official blog. According to the post, users can sell all their digital currencies for cash. However, they must verify their account to use the service.
Also, users can transfer the fiat funds to their Mastercard or Visa debit and credit cards. Binance opened the sell-crypto-for-fiat feature for all cryptos earlier in May. However, the functionality supports only eleven fiat currencies.
In addition, Binance provided a guide on its blog for crypto holders who want to use the service. Meanwhile, payment giants have opened up to the crypto sector recently. Payment service providers such as Visa and Mastercard have been in the news lately.
Their activities in the crypto space include adding support for crypto payments, filing metaverse and NFT trademark filings, and launching various crypto-related partnerships.
Binance is the only crypto exchange that has added support for Mastercard. Another crypto firm, Crypto.com, recently said it would introduce Visa crypto cards in Singapore.
Crypto.com has already joined the associate program in Singapore’s financial industry. As a result, over 80 million retailers can now take crypto payments using Crypto.com’s Visa card.
Mastercard And Visa Doing Exploits In The Crypto Space
Visa recently formed a partnership with the widely used crypto exchange FTX. The aim is to enable cryptocurrency payments in over forty nations.
Users in these countries can use their cryptocurrencies to pay for goods and services. They can do so at merchant shops that support Visa cards.
Furthermore, Mastercard and Visa, the two most renowned payment firms across the globe, are exploring the cryptocurrency sector. Hence, their moves usher in a brand-new era of finances.
Research carried out by organizations points to the increasing interest of institutions in cryptocurrencies. Although the global economy is in a depression, there has been a persistent rise in interest in crypto assets.
Even though investments may have been reduced because of the current crypto winter, some crypto platforms like Binance and FTX have been expanding their operations.