Binance Unveils PayPal Competitor Binance Pay with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB)

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Vladislav Sopov

Binance CEO Changpeng “CZ” Zhao introduced two new products of his ecosystem amidst Binance Blockchain Week 2021: Binance Pay and Binance Lite

Cover image via stock.adobe.com

During his live session on Binance Blockchain Week, Changpeng “CZ” Zhao, CEO and founder of world-leading exchange Binance (BNB), introduced two crucial additions to his ecosystem.

Now Binance has its own retail app, Binance Pay

Today, Feb. 2, 2021, Mr. Zhao proudly introduced Binance Pay. According to an official blog post by the Binance team, the new application will empower its users with “contactless, borderless and secure” technology for crypto payments.

Bianance Pay application is live in betaImage via TwitterThe new application, which is currently live in beta, has its own system of accounts—Binancians need to sign up for Binance Pay from their Binance wallets. To access his/her Binance Pay wallet, the user needs to set a nickname, a PIN and a password.

From day one, Binance Pay supports six currencies, namely Binance Coin (BNB), Binance USD (BUSD), Bitcoin (BTC), Swipe Token (SXP), Ethereum (ETH) and Euro (EUR).

Binance Pay is integrated with Binance Visa cards natively. Also, it can be refilled from a spot cryptocurrency wallet on Binance exchange. Payments in Binance Pay can be received and authorized with QR codes.

Binance Coin (BNB) almost hits $53, one day after previous all-time high

The Binance team highlighted that Binance Pay will be a “major” element in the Binance ecosystem. Binance Lite is the second addition to the Binance toolkit: it allows simplified crypto purchasing and basic operations through an intuitive dashboard.

Binance Blockchain Week is surrounded by an unparalleled rally of Binance Coin (BNB). Now it is changing hands over $52, or up 40 percent in the last 30 days.

 

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About the author

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Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

 

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