Breaking Down the Barrier Between Fiat and Crypto

It can be tough to get started with cryptocurrency because, at first glance, it does not seem easy to buy coins and tokens. The big exchanges such as OKex and KuCoin focus almost exclusively on crypto-to-crypto purchases, and while that is certainly useful, it does not help people who are just starting. Additionally, once people find a reliable fiat-to-crypto service, they then likely have to transfer their coins to another crypto exclusive exchange if they even want to consider buying some of the lesser-known altcoins. Every crypto fan has likely gone through this process sometime in the past, so they probably all understand how off-putting it can be for beginners. Luckily, there are companies that are trying to solve this problem.

Crypto Banking Services

In the last few years, companies have been coming out that offer cryptocurrency and banking solutions. Over the past year or so we’ve seen the likes of Wirex, N26, Atronocom, and Revolut come to fore and really push the boundaries when it comes to how we see banking services. Users are usually given access to a crypto banking app on their phone, which lets them carry out a number of tasks, including being able to trade cryptocurrency in many cases.

Once released, these bank accounts will be fully functional, complete with IBAN certification. Users can even opt for a debit card linked directly to them. This is the type of progress that is needed within the industry as it essentially makes crypto more beginner-friendly.

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Binance’s Fiat Option

Binance may largely be a crypto-to-crypto exchange, but in January it launched a fiat option for the pound and euro. This is designed to make the process of going from fiat to obscure crypto easier than ever. This is something that many of the older crypto fans have been anticipating for years, largely because they understand how complex and tedious it is to usually buy smaller cryptocurrencies with fiat. Hopefully, Binance soon expands the number of fiat options it has available.

With companies like those mentioned above focusing on easing the crypto process, it won’t be long before we see the entire industry try and do the same. As the years go on, getting into crypto has become less and less time-consuming. There is clearly still a big barrier between crypto and fiat, but that barrier is getting increasingly smaller.

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Featured image: DepositPhotos © SectoR_2010

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