Binance launches payment service with Bitcoin support

The cryptocurrency exchange Binance has launched a beta version of its own payment service. This was announced by the exchange’s CEO Changpeng Zhao during the Binance Blockchain Week online conference.

If you missed the #Binance Pay announcement earlier, watch this. pic.twitter.com/cc91ONoYf5

— Binance (@binance) February 2, 2021

\”We believe that payments are one of the most obvious use cases for cryptocurrency,\” Zhao said.

The Binance Pay service is available to registered users on the exchange. The account creation process in the system requires completing KYC procedures.

Representatives of the company stated that the beta version supports the exchange’s native token BNB, the Binance USD (BUSD) stablecoin, Bitcoin (BTC), Ethereum (ETH) and one fiat currency — the euro. The Swipe (SXP) token of the card-issuer ecosystem linked to digital assets is also available to users.

Transfers are limited to up to $10 000 or 10 transactions per day.

The trading platform launched Binance Pay a few months after the payments company PayPal opened access to Bitcoin, Bitcoin Cash, Ethereum and Litecoin for American customers.

Binance acquired Swipe in July 2020 and received a share of the SXP tokens.

Back in 2021, Zap CEO Jack Mallers planned that, with Bittrex backing, a Bitcoin payments app based on the Lightning Network would operate in 200 countries.

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