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Binance Launches Binance Pay Beta

Binance cryptocurrency exchange has launched a beta version of the Binance Pay service for payments in five cryptocurrencies: BTC, ETH, BUSD, BNB and SXP. The exchange sees him as a potential competitor to PayPal.

The beta version of the service was “secretly” launched last Friday. The management of the exchange announced this only today, at the virtual event Binance Blockchain Week. Binance CEO Changpeng Zhao said Binance Pay is “a contactless and secure technology for making cryptocurrency payments.”

The service supports five cryptocurrencies: BTC, ETH, BUSD stablecoin, BNB internal coin and SXP token of the Swipe project, which Binance acquired last year. Binance Pay users can transfer cryptoassets from their account using a QR code through the app. According to Zhao, the service allows you to pay for purchases with cryptoassets and make money transfers around the world.

The head of Binance said the exchange is not going to be limited to one trade. He believes that payments are one of the most obvious use cases for cryptocurrencies, so he intends to stimulate the demand for digital assets. The Binance system will allow users to pay with cryptocurrencies, and sellers will receive stablecoins backed by fiat currency (currently only euros). In this case, sellers will not be exposed to the risk of cryptocurrency volatility.

According to Zhao, the service was developed as a “response” to payment company PayPal, which enabled US citizens to buy, sell and store cryptocurrencies. According to Nomics, Bitcoin trading volumes on PayPal have increased by 950% since the beginning of January, up to $ 242 million on January 11.

Last year, Binance launched the Binance Card debit card in the European Economic Area (EEA). The card also supports BTC, BNB, SXP and BUSD.

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