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.
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