The world’s largest exchange, Binance, announced its support for Mastercard credit and debit cards in the UK and EEA (European Economic Area) for the sell-crypto-for-fiat feature. The announcement was made via an official blog on the Binance website.
As per the announcement, users can now sell all cryptocurrencies for cash, after completing their account verification process. Moreover, users can instantly transfer received funds to Visa or Mastercard credit and debit cards.
Binance initiated the sell-crypto-for-fiat for all cryptocurrencies back in May 2022, with support for 11 fiat currencies. The steps to sell crypto for fiat are pretty straightforward, with a guide available on the exchange’s website.
Are payment giants going all in on crypto?
Binance might be the one offering support for Mastercard in this instance, but payment giants are very eager to be in the cryptocurrency game. Recently Crypto.com announced that it would issue its Visa cards in Singapore. The platform has become an associate program member in the financial hub of Singapore. The platform’s Visa card is the largest producer in its category, which can now be accepted by more than 80 million merchants.
Visa has also partnered with the popular exchange FTX for crypto payments in 40 countries.
Visa and Mastercard are the two biggest payment service providers in the world. The crypto industry is all set to bring in a new wave of finances, and new ways of doing business. Most institutions are well aware of the potential of the crypto sector.
Studies conducted by various groups also point toward the growing institutional interest in crypto and digital assets. Although the world is in an economic slump, interest in digital assets has seen continued growth, although investments may have been low.
At press time, the global crypto market cap stood at $1.06 trillion, up by 0.5% in the last 24 hours.