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Binance Unveils PayPal Competitor, Binance Pay with BTC, ETH, BNB

Solomon Odunayo February 2, 2021 2 min read
A Little-Known Crypto That Surged Over 7,000% within 6 Hours

Binance, the largest cryptocurrency exchange by trading volume, has launched its own retail app, Binance Pay with Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and three other currencies.


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During a live session on Binance Blockchain Week, Changpeng Zhao (CZ), the CEO of Binance introduced two notable additions (Binance Pay and Binance Lite) to the ecosystem.

According to an official blog post by Binance, the new app will empower users with contactless, borderless, and secure technology for cryptocurrency payments.

Read Also: Crypto Michael Predicts How High BTC, ETH, ADA, DOT Can Go In This Bull Cycle

The new Binance Pay, which is currently in beta mode, has its own system of accounts. Users need to sign up for Binance Pay from their wallets.

At launch, Binance Pay is to support Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), Swipe Token (SXP), Ethereum (ETH), and Euro (EUR).

Natively, Binance Pay is integrated with Binance Visa cards. Moreover, the payment app can be funded using the spot crypto wallet on Binance exchange. Payments in Binance Pay can be received and authorized with QR codes.

Read Also: Ethereum (ETH) Indicating Bullish Breakout, Why a Rally above $1,400 Is Likely

The tweet below summarizes the purpose of Binance Pay:

More info on #Binance Pay:
🔸 It will be a basket of products
🔸 Binance Card fits under the Binance Pay umbrella
🔸 CZ believes it will be a major product
🔸 Beta is live – try and find it in the app 👀
🔸 We want to enable people to stay 100% in crypto

— Binance (@binance) February 2, 2021

Binance Lite and the State of BNB in the Market

According to Binance, the new payment app will be a major element in the Binance ecosystem. On the other hand, Binance Lite is the second major addition to the Binance ecosystem. It allows simplified crypto purchasing and basic operations via an intuitive dashboard.

Read Also: Analyst: Ethereum (ETH) Rebound Suggests Massive Upside Is Imminent

Binance Blockchain Week is surrounded by an unparalleled price rally of Binance Coin (BNB). Now it is changing hands over $45 and has gained 23% in the last 30 days.

Binance Coin (BNB) is not the only coin that pumped hard during the ongoing altseason. As reported by Herald Sheets, Dogecoin (DOGE) and XRP also experienced a magnificent pump.


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Next: Ethereum (ETH) Attains New All-Time High as It Extends Its Impressive Rally

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Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$29,562.00
-1.01%
ethereum
Ethereum (ETH)
$1,864.74
-5.52%
tether
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$1.00
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usd-coin
USD Coin (USDC)
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binancecoin
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ripple
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0.42%
cardano
Cardano (ADA)
$0.489399
-5.38%
dogecoin
Dogecoin (DOGE)
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polkadot
Polkadot (DOT)
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Disclaimer

This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. Information found on Herald Sheets represents those of writers quoted. It does not represent the opinions of Herald Sheets on whether to buy, sell, or hold any investment assets. Investors must do their own research before investing their money and only do so at their own risk.

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