Changpeng Zhao spoke about the launch of Binance Pay. Exchange token breaks records

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Binance cryptocurrency exchange’s own token hit a new all-time high above $ 53 this Tuesday. BNB’s capitalization at the time of publication is $ 7.6 billion, which allows it to occupy the 10th line in the list of the largest crypto assets.

Binance has long been the largest cryptocurrency exchange on the market – over the past 24 hours, its turnover amounted to $ 48 billion, including spot and futures trading. Binance CEO Changpeng Zhao previously reported that the exchange is facing unprecedented user activity and registrations amid the ongoing Bitcoin rally. “An all-time high on several different dimensions,” he tweeted on February 1.

“BNB’s applications have expanded to hundreds of applications across numerous platforms and projects in the cryptocurrency ecosystem. This is reflected in the growth of the rate, – he said, commenting on the dynamics of the token. “BNB must be capable of carrying out billions of transactions per day to be truly massively distributed. In its present form, it still has a long way to go. ”

The director of institutional research at the analytical firm TradeBlock, John Todaro, believes that recent events in the stock market are bringing users to cryptocurrencies, which, in turn, has a beneficial effect on the value of exchange tokens.

“The recent history of retail has shown that trading platforms, brokers and even exchanges can shut down certain aspects of the trading process without much notice. This is driving retail traders into the cryptocurrency market, ”he said.

While BNB is in a pricing zone at levels it hasn’t been able to achieve in the past, Zhao decided to stir up investor interest by announcing new products. Currently, the Binance Blockchain Week event is taking place, during one of the broadcasts of which the CEO of the exchange disclosed this information and said that he would like to meet with the founder of SpaceX and Tesla Elon Musk.

Binance Pay and Binance Lite

Binance is launching two new products: Binance Pay and Binance Lite. Binance Pay is a basket of services that, among other things, includes the exchange’s own payment card. Zhao expects Binance Pay to be a major product that allows users to “stay 100% in the crypto.”

Binance Pay is marketed as “a contactless, cross-border, and secure payment technology for exchange users to make and receive payments from friends and family around the world.” Binance Pay is currently in beta and available on the mobile app. According to the exchange, access to the service is provided to eligible users, which, apparently, do not belong to Russians. Binance Pay shares a wallet with the Binance Card and currently supports six assets: BNB, BUSD, BTC, SXP, ETH, and EUR. Among other things, the service allows you to make payments by scanning a QR code.

Binance Lite, in turn, is available to all users in the profile settings in the mobile application. In fact, this option changes the application interface to a simplified one with limited functionality. The regular interface is now called “Binance Professional”.

IEO SafePal

Also on Monday, Binance announced a new Initial Exchange Offering (IEO) on its Binance Launchpad for the SafePal token distribution. It was founded in 2018 and has been creating software and hardware cryptocurrency wallets.

The token sale will take place in a subscription format new to Binance Launchpad, and participants will be selected based on their BNB balances from February 2 to 8. Thus, the distribution of allocations will be directly determined by the amount of BNB, whereas earlier Binance used the lottery format. The maximum investment limit for one user is $ 20,000.

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