September 23, 2020

Binance: stacking and purchase of cryptocurrency from bank cards are available

Binance: stacking and purchase of cryptocurrency from bank cards are available

In line with the latest trends in the cryptocurrency industry, Binance on Thursday announced the launch platforms for stacking digital assets. At the initial stage, users are invited to stack NEO (NEO / GAS), Ontology (ONT / ONG), Vechain (VEN / VTHO), Stellar (XLM), Komodo (KMD), Algorand (ALGO), Qtum (QTUM) and Stratis ( STRAT).

According to Binance, the new platform will allow users to "increase their assets through monthly rewards by simply depositing and storing funds" on the exchange.

October 1 Binance will change the methods of calculating awardsfor stacking for their more accurate distribution. To account for user shares in the general pool, account balances will be registered hourly, based on which the final result for the day will be calculated. According to Binance, such a structure will allow for a more equitable distribution of rewards compared to a scheme in which the fixation of residues is carried out once a day at a specific time.

For those familiar with the Binance stacking frameworkusers fundamentally nothing will change. Participation in the program also involves crediting funds to the main exchange wallet, and the list of supported assets along with the latest announcement has not changed.

The information about the minimum deposit requirement and potential rewards, however, really became clearer:

Binance: stacking and purchase of cryptocurrency from bank cards are available

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Also on Thursday, Binance revealedworking with a British police cyber division to investigate a Bulgarian citizen who was suspected of creating and selling phishing scripts that killed nearly half a million people in at least 53 countries. The amount of damage caused by him is estimated at £ 41.6 million.

"Recently, the criminal was extradited from Bulgariato the UK, where he pleaded guilty to five episodes of fraud and was sentenced to nine years in prison. We are satisfied with the outcome of this matter and are proud to have helped justice. ”, - writes Samuel Lim, the head of Binance legal compliance, without specifying exactly what the exchange involved.

Binance Coin, meanwhile, continues to decline along with the wider market. At the time of publication, BNB is trading at $ 15.39, depreciating relative to the June peak by 60%.

Earlier, KuCoin and the Trust Wallet wallet announced the launch of specialized platforms for cryptocurrency stacking.

You can buy digital assets directly from a bank card

For the cryptocurrency sector, there is still veryan urgent issue is that a cryptocurrency user can directly purchase cryptocurrencies using ordinary money (fiat). Many trading platforms offer to buy digital assets only in pair, for example, with Bitcoin or Bitcoin Cash. However, the situation is changing, and Binance has become one of those companies that opens up an important way for traders to enter the cryptocurrency market.

It became known that Binance has agreed to cooperate with Koinal, which opens up the possibility of buying cryptocurrencies using both credit and debit cards.

Given that credit cards, firstly,more common in the world than debit ones, and secondly, they offer “hidden leverage” for a trader when buying digital assets. Such a step will mean the arrival of even more individuals into the world of cryptocurrencies. This is especially true in the current period of time, when the launch of trading of bitcoin futures on Bakkt with a focus on institutional investors does not change the main target audience of the digital asset sphere. Their purchases and sales of cryptocurrencies remain a key factor in changing the prices of such assets.

Binance's new move commented on the generalthe director of the cryptocurrency exchange, Changpen Zhao, who noted that the development is "slow but steady." Initially, it will be possible to buy five types of the most popular cryptocurrencies from cards - these are Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP.

It is noted that we are talking about cards,which are under the brands Visa and Mastercard. Binance's partner company, Koinal, intends to charge “a very competitive fee for its services - 2.5%”

In addition, the Koinal portal allows you to buycryptocurrencies using cards on which funds can be initially placed not only in US dollars, but also in other currencies. Changpeng Zhao also noted that the partnership with Koinal “makes cryptocurrencies an even more familiar thing,” and the cryptocurrency exchange itself, as its manager assured, “will continue to build various methods of financial transactions through ordinary money - cryptocurrencies in order to increase the spread of digital assets.”

Koinal is the fourth partner after Simplex, Paxos and TrustToken, with whom Binance has entered into an agreement.

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