Binance is launching a payments application called Binance Pay, which will directly compete with the likes of PayPal.
CZ’s at It Again
On Wed 3 Feb, the Binance exchange announced the new service. The world’s largest crypto exchange by volume said the platform would allow users to get paid in cryptocurrency worldwide.
The application, made for mobile devices, features an in-built cryptocurrency wallet and the ability to link to the firm’s own Binance Card. The app also includes the popular QR-code generator, allowing users to pay each other with a simple scan.
At launch, the app will support five cryptocurrencies and one fiat currency: BNB, BUSD, BTC, ETH, SXP, and EUR. Users can buy these on the exchange platform after which, it’s only a simple transfer to the Binance Pay app. Binance Pay is currently in beta.
The Payments Market Heats Up
The launch comes amid a flurry of mainstream entrants into the cryptocurrency payments market. Payment giant PayPal announced towards the end of last year that it would allow its users to exchange cryptocurrencies on its platform.
This marked a change of direction for a company that has traditionally been hostile towards the crypto market. Nevertheless, PayPal saw record use of its platform for cryptocurrency exchange. Over $242 million worth of cryptocurrencies traded in just 24 hours at one point.
Moreover, in an earnings call last week, Visa CEO Al Kelly signaled the payment processing giant’s potential support for cryptocurrencies.
“We [Visa] are uniquely positioned to help make cryptocurrencies more safe, useful, and applicable”
Today, Visa compounded expectations following this signal after it announced plans to help launch cryptocurrency trading and buying services in a new pilot scheme.
Binance and CZ the Innovator
If the cryptocurrency payments sector is heating up in terms of development, Binance is on fire. Last year, the top-cryptocurrency exchange launched Binance Launchpool, its own staking platform.
It allows users to stake BNB and earn other newly launched tokens and established DeFi tokens. The company also launched its Binance Smart Chain (BSC) platform, an alternative to Ethereum (ETH) for building decentralized applications (dApps).
BSC made headlines a few weeks ago after data revealed decentralized exchanges (DEX) built on the platform were 49 times cheaper to use than Ethereum-based DEXs.
If Binance continues adding products at this speed, its objective to “exchange the world” might soon become true.
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