Bainance, one of the largest exchanges in the world, announced a few hours ago on the sidelines of the “China Bainance Block Week” event that on Friday it launched the beta version of its special payment gateway called Binance Pay. This portal allows different businesses to sell their products in these currencies without worrying about fluctuations in the price of digital currencies.
To Report Decrypt, Bainance’s move shows that the exchange intends to grow its business beyond buying and selling digital currencies and intends to encourage people to use digital currencies more than ever before. Bainance is said to be the exchange’s response to PayPal.
Bainance writes in his announcement:
Bainance is a borderless, secure, digital payment currency technology designed by Bainance. Bainance Pay (beta version) allows you to receive money from your family and friends anywhere in the world using digital currencies.
Changpeng Zhao, صرف ’s CEO, said at the China Binance Block Week event:
We think this type of payment is the most obvious use of digital currencies.
According to Zhao, the most important challenge to the system is for businesses to use currencies that most people do not use. He believes that it is much easier to accept common currencies; Because people use them all the time.
The new Bainance system allows users to make their payments in digital currencies. Businesses, on the other hand, receive stable currencies backed by currencies and can convert them to any currency at any time. One hundred, of course, is the only common currency supported in the Euro Binance payment system. Zhao said about this:
In this situation, businesses no longer have to deal with fluctuations in digital currencies.
According to Bainance, Bainance is a basket of products. Other products in this basket include Bainance Card. Bainance Card is a credit card that allows users to make instant purchases.
Like Binance Card, the BinancePay system supports 5 digital currencies Bitcoin, Ethereum, BinanceCoin, StableCoin BUSD and Swipe (SXP). Bainance bought Swipe last year.
Unlike Bainance Card, Bainance Pay services do not involve physical cards and transactions are performed using a Q-code arc scanner within the application.
Changping Zhao said in connection with the quiet launch of the Bainance service:
If you can find this product, you can use it.