Binance-Backed WOO Network Adds Support For Fiat Payments

DeFi platform WOO X project has added support for fiat payments through a partnership with fintech platform Mercuryo.

This will be the first time that WOO will be providing such services to its customers, as it attempts to attract more users by offering more payment options. But fiat payments also require KYC.

The move also comes amid choppy times for the DeFi space, which largely tracks volatility in the crypto market.

WOO users now can buy crypto via credit card

WOO mentioned that initially only MasterCard and Visa card holders will be able to buy digital assets from the platform. The users can buy USDT by paying USD, EUR, GBP and BRL. The platform is gearing up to add more vendors and payment systems for both types of currencies.

However, future updates will be carrying additional support direct bank transfers and more. The platform believes that this will help them to add more customers from all over the globe.

Earlier this year, Binance had invested $12 million in WOO, which was applied towards developing more DeFi products.

Mercuryo supports over 120 blockchain projects and exchanges. In 2020, Mercuryo integrated with the world’s largest cryptocurrency exchange, Binance. This partnership helped the Binance users to buy major crypto coins like Bitcoin, Ethereum and Tether through bank cards.

WOO adds support for GMT

Meanwhile, the WOO Network’s native token jumped over 6% from near two-month lows. The WOO token is trading at an average price of $0.423, at the press time. The WOO token is the 129th largest cryptocurrency with a total market capitalization of over $442 million.

In addition, the WOO network also announced that users of the Solana (SOL)-based move-to-earn app STEPN can directly send GMT tokens through the platform to Solana.

The STEPN token is the top gainer in the last 30 days. GMT coin is trading at an average of $3.35, at the press time. The token has surged more than 225% in the past 30 days. While it has gained a whopping 2040% in the lasts 60 days.