Malta-based cryptocurrency exchange Binance has added support for 15 more fiat currencies allowing users to have more options when purchasing crypto on the platform.
The exchange made the announcement on Friday stating that the new Fiat gateways courtesy of Visa and MasterCard will be supported through its initial partnership with the Israeli payments solution Simplex.
The latest move to add more fiat currency gateways keeps up with Binance’s quest to bring blockchain and its applications to the masses.
Here’s the list of the newly added fiat currencies that will be paired against the base cryptocurrencies supported by Binance global:
Pound sterling (GBP), South Korean won (KRW), Russian ruble (RUB), Australian dollar (AUD), Swiss franc (CHF), Czech koruna (CZK), Danish krone (DKK), Norwegian krone (NOK), New Zealand dollar (NZD), Polish Złoty (PLN), Swedish krona (SEK), Turkish lira (TRY), South African rand (ZAR), Hungarian forint (HUF), and Israeli Shekel (ILS).
Through Simplex, these fiat currencies will be paired against Bitcoin [BTC], Ethereum [ETH], Binance Coin [BNB], Litecoin [LTC], Bitcoin Cash [BCH] and Ripple’s XRP coins.
Simplex first partnered with Binance at the beginning of last year, a partnership that saw the adding of the Euros [EUR], the US Dollar [USD], Canadian Dollars and Australian Dollars [AUD].
Simplex services, however, are not particularly cheap with transaction fees running up to 7% for a single transaction. These fees are exponentially higher for payments below $200 which attracts a $10 flat fee in addition to the 3% charges levied on every transaction.
The most compelling reason to use Simplex is that the service settles transactions in the chosen fiat currency as opposed to most that settle in the default US Dollar.
Russia, according to Binance CEO Changpeng Zhao (CZ), is a key market that justified its addition to the ecosystem.
The leading exchange first added support for the Russian Rubles on the Binance platform in October albeit without an announcement.
Binance users in Russia can now buy crypto directly through the fiat gateway or on the P2P global merchant platform.