Crypto exchange Binance will now allow users to buy cryptocurrencies on its platform using the payment services of Apple Pay and Google Pay.
Binance Build Update
In their latest Binance Build update, the crypto exchange announced that the platform had adopted the two payment services into its platform.
The Binance team tweeted,
“Apple Pay and Google Pay payment options are now available on Binance! Purchase crypto, with ease.”
This means that customers can now pay for cryptocurrencies using either Apple Pay or Google Pay. The update has already been implemented, and early responses indicate that the new functionality is working properly.
Increasing Crypto Accessibility
This move would be helpful for drawing in more customers to Binance, especially owing to the 44 million strong userbases of Apple Pay and 25 million strong userbases of Google Pay. Both of these payment platforms are the most popular worldwide and occupy the first two rankings in the total number of users. The decision to incorporate these two payment services will open up Binance and cryptocurrencies in general to a massive potential customer base, thus increasing its accessibility. This update has the potential for the greatest customer acquisition into crypto for Binance and the rest of the crypto world. However, the fact remains that these two payment services are not functional in all countries around the globe. It remains to be seen how Binance plans to increase accessibility in these zones.
Other Crypto Firms Adopting Apple Pay
Binance is not the first crypto firm to adopt more mainstream payment services. Apple Pay itself has been adopted by other crypto platforms, like MetaMask. This crypto wallet, which is the preferred mode of interaction with the Ethereum blockchain (DeFi, Web3 dApps, NFTs), integrated Apple Pay into its platform in March 2022. Another crypto wallet, Klever, also added Apple Pay functionality back in April 2021 to provide users with an easier payment option.
Binance In The News
The crypto exchange has been in the news lately since word spread that Binance.US was planning on buying Voyager Digital assets. The crypto exchange put forth a bid of $1 billion and was successful in acquiring the Voyager assets just a few weeks ago.
Binance had also paused USDC stablecoin withdrawals for several hours, leading to some market-wide FUD around mid-December. The reason given for the pause was insufficient USDC reserves, which warranted a BUSD to USDC swap, after which the service was resumed as normal.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.