Virtual currency exchange start-up BinaryFund to accept payments via credit cards
21 February 2014 | 2442 views | 0
The world's first exchange platform taking card payments for digital currencies including Bitcoin launches in the UK today.
In a move promising to revolutionise how digital currency is acquired and used, BinaryFund will also dramatically change how the nation's online retailers, investors and finance professionals take payments, approach currency exchange, and debit customer accounts. It will also smooth the path to widespread digital currency adoption at economic level.
Rolling out today after several months of intensive development, the formal launch of BinaryFund marks a number of notable firsts at commercial, financial, FX and tech circles, making it one of the most significant unveilings of the year to date.
The platform is the first UK exchange platform to accept card payments. It is also the first exchange platform that will allow users to acquire their digital currencies in minutes rather than days; a timeframe which is frustratingly common with other service providers.
As well as being technically remarkable, BinaryFund.com offers Britain's business infrastructure the chance to set the standard in digital currency transactions. The platform has developed a robust, reliable and accessible merchant tool system that will allow business users to accept payments in digital currencies such as Bitcoin while still providing the convenience and security that comes from being able to deposit the funds in Pounds Sterling, Euros or American Dollars at bank account level.
In addition to its groundbreaking technology and revolutionary approach to the commercialisation of digital currencies, BinaryFund is currently working to establish the first crypto currency council in the United Kingdom. This means that it would have a neighbourhood of diverse businesses all located in the same area all working in and accepting digital currency payments.
BinaryFund will initially accept Bitcoin and Litecoin but will add other digital currencies in future.
Tedros Mehari Director of Technology at BinaryFund said, "BinaryFund is designed to be secure, instant, reliable and easy. It brings the purchase, exchange and use of digital currencies out of the realm of the unusual and into the everyday. The platform is a revolution and revolutionary with a number of exciting features and innovations. We have totally re-imagined the role of digital currency, making it convenient, quick and above all, a natural choice. We expect that digital currencies will be widely adopted within the next year to 18 months thanks to low volatility and increased trust, larger investment and more widespread use. BinaryFund is the first step in making this possible."
There are five main digital currencies, with Bitcoin being the most well known. Digital currency, sometimes known as cryptocurrency, is created and held electronically and based on mathematics rather than gold or silver. It is decentralized, so is not tied to any one bank, financial institution or country and can be used to buy, sell and invest online.