Binance.US, like Bakkt, had a slow start. Things are finally coming together though, as Binance.US announces an on-ramp feature along with an increase in volume.
Starting today, users can purchase 23 different crypto assets with their debit cards. Binance offers some assets that Coinbase does not, such as Ravencoin, Cosmos, Algorand, Dogecoin, Tether and IOTA. These purchases will qualify for FDIC insurance coverage of up to $250,000.
Still, Binance.US is only accessible in 37 states, unlike Coinbase who is available everywhere in the U.S. Right now, Binance is fulfilling the demand of being an exchange that on-ramps to a couple unique coins and has lower trading fees. They are still missing features that Coinbase offers like automatic purchases, which many casual investors enjoy for dollar-cost-averaging.
The Block released a graphic representation of Binance.US’ recent growth in volume. It’s gone from around $2 million of volume per day to $15 million.