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Binance’s Trust Wallet Adds Support for XRP, Credit Card Payments

Binance’s trust wallet adds support for xrp, credit card payments

Binance’s Trust Wallet Adds Support for XRP, Credit Card Payments

Binance’s trust wallet adds support for xrp, credit card payments

Cryptocurrency exchange Binance’s official wallet, Trust Wallet, now lets users buy cryptos with credit cards.

The new payment option is being offered in partnership with Israel-based payments processor Simplex, according to an announcement from Binance on Tuesday.

At the same time, the exchange said, Trust Wallet is adding support for XRP, the third largest cryptocurrency by market capitalization.

Trust Wallet users can now, therefore, purchase XRP, bitcoin (BTC), bitcoin cash (BCH), litecoin (LTC) and ether (ETH) with “major” credit and debit cards. The announcement did not specify which cards are supported or other details such as fees.

“We want to increase access to crypto and decentralized applications for all users,” said Viktor Radchenko, founder of Trust Wallet.

He added:

“Adding credit card payments is one piece to furthering cryptocurrency adoption and realizing our larger vision in helping to bring the freedom of money, and we will continue to integrate more blockchains and features to Trust.”

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, acquired Trust Wallet last July. The wallet was compatible with only ethereum and ethereum-based tokens at the time.

Since then, the exchange has enabled support for multiple cryptocurrencies and currently supports 17 tokens and “hundreds” of decentralized apps or dapps, according to Tuesday’s announcement.

Binance further said that Trust Wallet will be a native wallet to its upcoming decentralized exchange, Binance DEX, which is expected to launch in early Q2 of this year. The platform launched for public testing on Feb. 20.

Last January, the exchange itself added support for credit cards purchases, also in partnership with Simplex, allowing users to buy bitcoin, ether, litecoin and XRP.

Credit cards image via Shutterstock 

Published at Tue, 12 Mar 2019 16:02:17 +0000

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Chinese Bitcoin Miners are Closing Shop in Fear of Future Clampdown

Chinese bitcoin miners are deliberately shutting down operations due to worries over future regulatory pressure.

Chinese Abandoning ‘Legal’ Mining

As the traders begin withdrawing BTC under new laws, mining farms in the country’s Szechuan province are concerned a lack of rules for them might lead to repercussions.

“bitcoin regulation that the central bank conducted mainly focused on financing and leveraging trading among platforms,” Zhang Jun, a senior analyst at Tai Cloud Research Institute, told YiCai Global.

Mining online involves routine digital programming. It’s not illegal.

Such comments have been insufficient to quell fears among miners themselves, it appears, with an “insider” telling the publication that shutting down shop means they miss out on a golden opportunity.

High Prices Mean Big Losses

Szechuan’s hydroelectric power is some of the cheapest in the world, while the high price of bitcoin and associated fees mean it is more profitable than ever to mine bitcoin on a major scale.

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“The southwestern region has abundant hydropower resources,” the source said, “so electricity costs about half the price during the wet season. It’s hard to imagine why any mine would want to relocate now.”

“The price is so high at the moment,” a local mine manager added.

Shutting down costs mine owners hundreds of thousands of yuan every day.

Chinese trading activity has added several hundred dollars to the average price of a bitcoin in the last 24 hours.

As traders flock to take advantage of newly enshrined exchange rules, it is clear that those left out of authorities’ latest deal are fearing the worst.

The Grass Is Not Greener

A local authority spokesman could only offer confirmation that “bitcoin mines are not introduced by the government” and that “mining is carried out by companies of their own accord.”

Yet the situation in China is a further shake-up of the mining landscape. Other locations where electricity is cheap but conditions harsh include South America, where several instances of criminal repercussions for miners have surfaced this year.

Venezuelan and most recently Bolivian police have arrested parties known to have mined bitcoin on charges ranging from draining the national grid to propagating “pyramid schemes.”

No further information has yet been received from Chinese lawmakers with regard to the practice.

What do you think about the problems faced by Chinese miners? Let us know in the comments below!

Images courtesy of

The post Chinese Bitcoin Miners are Closing Shop in Fear of Future Clampdown appeared first on Bitcoinist.com.

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