Binance Has Launched A Payment System For Its Users

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Binance, a cryptocurrency exchange, has made its payment system Binance Pay available to its American clients.

Binance clients outside the United States have had access to the service, which allows them to send money through a mobile apps, since last year.

“Pay lowers the difficulty of sending bitcoin to contacts by eliminating the need for users to type a cumbersome deposit or withdrawal address, pay gas expenses, or wait an indefinite length of time for transactions to properly settle,” Binance noted in a news release.

According to the statement, Binance Pay allows users to send, request, and receive about 150 different cryptocurrencies from other users, allowing for rapid, no-cost crypto transactions.

According to the announcement, Binance, the world’s largest crypto exchange, has eliminated trading fees for both bitcoin and Ethereum in order to attract more customers at a time when crypto trading activity is low.

Binance founder and CEO Changpeng “CZ” Zhao has dubbed payments one of the “most apparent use cases for crypto,” according to the announcement.

a trio of eCommerce and crypto professionals earlier this year about the promise and challenges of crypto payments.

Among them was Steve Ashley, president, and chief operating officer of SHOP.COM, who claimed his business was convinced that customers would welcome it when it began giving bitcoin at checkout last year.

Customers had informed Ashley that they wanted the platform to take cryptocurrencies “because they believed in it as an ecosystem for the future form of cash,” Ashley said in August.

The same was true for new consumers, according to Ashley, who also mentioned that the company’s leaders were lifelong cryptocurrency holders.

“It only made sense to reach out to the communities since it might bring in a new demographic of SHOP.COM consumers.”

However, there were specific challenges that businesses faced, such as convincing individuals, particularly those in older demographics, of the simplicity of paying with cryptocurrency.