Stacking and purchase of cryptocurrency from bank cards

became available at Binance

In line with the latest trends in the cryptocurrency industry, Binance on Thursday announced the launch of a platform 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.

On October 1, Binance will change the methods for calculating stacking rewards to more accurately distribute them. 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 who are familiar with the Binance stacking framework, nothing will change in principle. 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:

Also on Thursday, Binance disclosed collaboration with a British police cyber unit during an investigation into 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 offender was extradited from Bulgaria to 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 case and are proud to have helped justice , ”writes Samuel Lim, 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, the launch of specialized cryptocurrency stacking platforms was announced by KuCoin and Trust Wallet .

You can buy digital assets directly from a bank card

For the cryptocurrency sector, the issue of ensuring that the cryptocurrency user can directly purchase cryptocurrencies using ordinary money (fiat) still remains very relevant. 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.

Today @Binance – Wednesday

1. @cz_binance AMA announced
2. #Binance Adds Support for Koinal – Buy Crypto With Debit and Credit Cards
3. Lending Phase 6 live
4. Added REN / USDT, RVN / USDT and HC / USDT Trading Pairs
5. 75,000 $ BTC ATH trading volume on Binance Futures #BUIDL Daily. https://t.co/Bh4R18yk7d

– Binance (@binance) September 25, 2019

Given that credit cards, firstly, are 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.

The new step of Binance was commented by the cryptocurrency exchange CEO, 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 including cards that go under the brands Visa and Mastercard. Binance's partner company, Koinal, intends to charge “a very competitive fee for its services – 2.5%”

Slowly but surely.

– CZ Binance (@cz_binance) September 25, 2019

In addition, the Koinal portal allows you to buy cryptocurrencies 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 even more familiar”, and the cryptocurrency exchange itself, as its manager assured, “will continue to build various methods of financial transactions through regular 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.

Publication date 09/28/2019
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