The United States subsidiary of the biggest cryptocurrency exchange, Binance.US, has taken a significant step to enable users to enter the realm of cryptocurrencies through the use of US Dollars. This has been achieved through a partnership with the crypto payment company MoonPay.
The news of the exciting partnership between Binance.US and MoonPay quickly resonated throughout the market on August 22nd when Binance.US unveiled its “new $USD on-ramp.”
Merely two months after its transformation into a crypto-only platform, this partnership has come to light.
Buyers are now presented with the opportunity to acquire the U.S. dollar-pegged stablecoin Tether (USDT), which serves as a “new base asset.” This addition streamlines its usage for transactions on the platform.
As a result of exciting integration, Binance.US customers — who were seeking to fund their accounts — can now convert their dollars into Tether (USDT), enabling them to subsequently acquire 150+ supported cryptocurrencies on the platform.
It was also mentioned that users can “buy USDT on Binance.US through payment partners like Moonpay, which supports debit & credit card, Apple Pay, and Google Pay.”
This collaboration follows a recent incident where Binance.US encountered disruptions with its banking partners, resulting in the suspension of fiat deposits on the exchange since June. Coincidentally, during the same month, the exchange faced a range of challenges related to USD-denominated withdrawals.