Binance crypto exchange is one of the largest cryptocurrency trading exchanges in the world, has started to enter the payment instrument sector, with the release of their payment application called Binance Pay which is still in its alpha version.
This news made Binance's digital money called Binance Coin(BNB) immediately get a new positive sentiment which is likely to have a very significant effect.
Binance Pay
Binance Pay is a peer to peer(P2P) payment application that uses cryptocurrency in a decentralized manner.
This past February, Binance published the initial launch of Binance Pay prior to its official release, the initial launch only giving 250,000 beta testers access to the first to start interacting with the new app.
And today, the Binance Pay application has been officially released globally, with an alpha version that is interesting to discuss, the launch of the Binance Pay application is in conjunction with a new additional feature in the form of seller-based transactions and is already available to all users.
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Binance companies have stated that this new service is available to all Binance.com users, and to use the Binance Pay feature, users are required to register with Binance, and perform data verification, a Binance spokesperson explained:
"Users need to activate the Pay function on the Binance app to start using the Binance Pay service. Once activated, users can fund the Pay wallet from the spot wallet."
Binance Pay itself supports more than 30 cryptocurrencies including Bitcoin(BTC), Ethereum(ETH), and Binance Coin(BNB), Binance Pay also supports five fiat currencies such as Euro, Australian Dollar, Turkish Lira, British Pound and Brazilian Real.
No Transaction Fee Charged
Changpeng Zhao, as CEO of Binance, stated that if Binance Pay will not take transaction fees, this system without transaction fees was implemented to eliminate the problem where many fiat payment applications have high transaction fees, Changpeng Zhao stated:
"The fiat payment infrastructure is fraught with high transaction fees, and we see Binance Pay as the solution to this problem. The financial industry continues to move into the digital world and crypto is seen playing an important role in the digital economy for the global population."
The majority of companies that have provided payment services for cryptocurrencies have seen a great opportunity from this cryptocurrency, in February, Mastercard announced its plan to give its users access to this cryptocurrency.
In addition to Mastercard, Visa has also announced its plans to start using cryptocurrency as a payment service in January 2021, the PayPal company has also announced the same thing in early February 2021, when the PayPal company uses crypto currency as a means of payment. The announcement was issued after giving access to users to start cryptocurrency trading in November 2020.
With this news being an additional positive sentiment from several previous positive sentiments for Binance, especially for Binance Coin(BNB), the joining of former US Senate "Max Baucus", as Binance's official advisor, will create positive sentiment for Binance Coin(BNB), raised the price to be stinging significantly, especially for the next week.
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