Binance Partners with Paymonade to Enable Crypto Sales Directly to Credit/Debit Cards
Binance, a leading cryptocurrency exchange, has partnered with Paymonade to introduce a new feature that allows users to sell cryptocurrencies directly to their credit or debit cards. This development, announced on October 24, 2024, is aimed at enhancing user convenience by enabling seamless conversion of digital assets into fiat currencies.
New Feature Details
The partnership with Paymonade facilitates the sale of cryptocurrencies such as Bitcoin (BTC) directly to Visa and Mastercard cards. This feature converts digital assets into local currencies, which are then deposited into users' bank cards, according to Binance.
Requirements and Rollout
To utilize this service, users must complete account verification on both Binance and Paymonade. This verification process is crucial for selling cryptocurrencies for local currencies and for increasing withdrawal limits. Binance mentioned that this service will be gradually expanded to more regions, with updates provided as the rollout progresses.
How to Use the Service
Users can access this feature by navigating to the ‘Sell Crypto’ page on Binance and selecting the cryptocurrency they wish to sell. They should then choose ‘Paymonade (VISA/Mastercard)’ as the payment method. After confirming the sell order and completing necessary security verifications, funds will be transferred to the linked Visa or Mastercard card.
Industry Context
This move by Binance comes as part of a broader trend among cryptocurrency exchanges to increase the accessibility and usability of digital assets. By integrating traditional financial systems with crypto services, exchanges like Binance are working to bridge the gap between digital and fiat currencies, thereby attracting a more diverse user base.
Binance’s initiative aligns with the growing demand for cryptocurrency services that offer direct fiat conversions, a feature that is becoming increasingly popular among users seeking to streamline their crypto transactions.