This week has started with good news for cryptocurrency users, especially those of Binance. The world’s largest exchange has released its alliance with BitPay in a press release to allow BitPay users to accept BUSD as a payment option.
This is an important step as BitPay is one of the largest Blockchain payment solution providers in the world.
When it was founded in 2011, it was a pioneer in this field. At BitPay they had a mission to transform the way companies and people send, receive, and store money.
The platform’s commercial solutions eliminate transaction fraud, reduce the cost of payment processing, among other services. Thus the alliance with Binance to accept Binance stablecoin (BUSD) facilitates cross-border payments using this cryptocurrency.
Details about the alliance between Binance and BitPay
Starting today, BitPay will support BUSD in their wallet so that its nearly 2 million users can top up their BitPay card. BitPay merchant support will arrive at a later date.
BitPay merchants and companies can buy BUSD through Binance Exchange and global exchanges that include BUSD.
Thus, Binance will continue to expand BUSD use cases, driving mass adoption of cryptocurrencies and bringing them into our daily lives.
General benefits of this alliance
Accepting or paying with stablecoins opens up new possibilities for global companies that require the stability of the dollar but the security and efficiency of blockchain payments.
With this, the platform enables global merchants and businesses to send and receive international payments faster and cheaper than traditional bank transfers.
“With BUSD, BitPay expands blockchain payment options for all of our customers across the global payment space who want the flexibility to pay on blockchain with the stability of the US dollar.Said Stephen Pair, CEO of BitPay.
For his part, Chanpeng Zhao, CEO of Binance also added some comments.
“We believe that an increasing number of merchants and businesses will begin to adopt cryptocurrencies, and we are pleased to provide the payment solution in conjunction with BitPay, making the process simpler and easier.”
As part of the partnership, BitPay will process donations for the Binance Charity Foundation. Merchants wishing to accept BUSD payments or companies wishing to pay BUSD business may contact firstname.lastname@example.org, according to the same statement.