Binance to Support the Faster Payments Scheme in the UK

Binance, a cryptocurrency exchange company that offers a trading platform to more than a hundred cryptocurrencies, has recently added two new features in its platform.

First, the company now supports UK’s Faster Payments Scheme also known as FPS using the British pound currency (GBP) for transfers. Secondly, it has included support for the Australian Dollar currency when converting fiat to crypto.

These new features were being offered through Banxa, an Australian solutions provider for fiat – onramp. This was according to the announcement made by Binance last Wednesday. The new FPS system will give users the opportunity to enjoy an almost instantaneous low fee when doing GBP bank transfers.

The Faster Payment Scheme or FPS is a banking initiative in the UK that aims to minimise payment time in between various customer bank accounts. From the usual three working days, the FPS will make the transfer possible in only a few seconds.

As of the moment, there are only a small number of cryptocurrency exchanges that have allowed this scheme. Among these are The Pit from Blockchain.com, Coinbase, Coinfloor, and CEX.IO.

 

On the other hand, the support for Australian Dollars will allow Binance users to purchase Ethereum (ETH) and Bitcoin (BTC) through bank transfers and with the use of their debit cards or credit cards. Furthermore, Banxa also provides support for Euro (EUR) payments from Binance users.

According to Banxa, their main goal is to allow wallets, crypto exchanges, and other platforms to provide instant conversion of fiat to cryptocurrency. Using only a single integration, their partners will be able to take advantage of both the global and local payment options. Holger Arians, the company’s CEO, has further revealed that they will be taking care of all the chargebacks, compliance, and regulations concerning these transactions.

Banxa, a fiat to crypto gateway solution, was established in 2014 and is currently serving KuCoin exchange, a cryptocurrency exchange company that’s based in Hong Kong, as well as Edge, a cryptocurrency wallet that’s based in the United States.

Binance is continuously expanding its fiat partners and gateways. Currently, they are supporting more than 20 fiat currencies with the help of their various partners. Aside from Banxa, Binance has also partnered with other companies, such as Simplex, AdVCash, Flutterwave, Papara, Paxful, Koinal, and Latamex.

According to Changpeng “CZ” Zhao, the CEO of Binance, he is a strong believer that the fiat will eventually co-exist with crypto in the coming years. Fiat money makes up more than 99.9% of the overall money supply in the world.

Therefore, he urged cryptocurrency companies to continue building bridges in order to allow for the easy flow of crypto. This year, he aims to provide support to all the 180 fiat currencies all over the world.

The announcement further states that over the next few months, both Binance and Banxa will be adding more currencies.