Binance Extends Crypto-Fiat Payment Solution
Binance, moving beyond crypto trading, is proposing a new payment processing service for fiat and crypto. The Bifinity payment hub will use the Binance exchange to supply value transfer solutions for projects, with a special focus on Web3 startups.
Bifinity will become the go-to brokerage, carrying 50 cryptocurrencies and multiple fiat pairs, to facilitate the process of buying or selling crypto assets. The payment channels of Bifinity will also aim to serve merchants or online buyers, in a trend for reapplying new payment gateways.
As with other Binance services, the Bifinity hub will include access to VISA and MasterCard payments, as well as complete KYC for onboarding new traders or users. Previously, Binance offered an abbreviated process of swapping tokens, still requiring detailed user verification. Binance already offers limited token swaps and can exchange assets without KYC through services like the Exodus wallet. However, the new tool will offer a more transparent and secure path to using digital coins and tokens.
Limitations apply to Binance users depending on region, with limitations for US-based traders. Bifinity, however, will work in the EU and Britain, integrating the Paysafe card service. Paysafe will also drive the Binance expansion in Latin America, where the fintech app is widely used.
The announcement arrived just as Binance announced a complete overhaul and relaunch of SEPA transactions for EU-based buyers and sellers.
Binance is becoming a more important location for Web 3 projects and play-to-earn games. Beyond a crypto trading exchange, the market operator also carries exclusive token sales and NFT collection unveilings. The new Bifinity service will integrate access to NFT buying and selling, as well as game participation.
The move to Web3 technologies arrives at a moment where derivative trading is moving to other markets, especially FTX Exchange. Binance still keeps up significant volumes, but is also expanding in areas of gaming and new applications of blockchain technology.
Binance Coin Fights to Recover $400
Binance Coin (BNB) is now the fourth-largest asset by market capitalization. BNB hovered at $374.47, mostly keeping stagnant in the past few weeks. BNB has attempted to regain the $400 level, and is still outpaced by Tether (USDT), which keeps up the third position due to supply growth.
Binance is also growing the influence of Binance USD (BUSD) as a tool for DeFi, trading and other use cases such as buying NFT collections or game items.
Both BUSD and BNB have the advantage of moving on Binance Smart Chain, the go-to network hosting multiple new startups.
BUSD is now the third most prominent stablecoin after USDT and USDC, carrying nearly 10% of the total stablecoin market cap. BUSD is active in specific Binance trading pairs, while also participating in decentralized trading on PancakeSwap.
Binance Opens Up to Risky Decentralized World
While the new Bifinity service will carry just 50 selected assets, it may also open up a ramp to testing new and riskier projects.
Binance Smart Chain has more than 2.1M active addresses and growing, as well as thousands of new games and tokens. BSC carries more than $11.7B in value locked, still far from its peak above $30B earlier in 2021. The chain is one of the fastest and cheapest, and most active in terms of distributed apps and games.
Binance Launchpad and Binance Labs additionally work toward propping up startups and games, organizing token and NFT sales.
Binance Launchpad Picks New Project
Binance Launchpad has picked another project to promote and list on the exchange. In March, the sales platform will offer the GMT token, an asset linked to a fitness tracking startup.
Through blockchain technology, the STEPN project will offer a “step-to-earn” gamified fitness app, further driving the adoption of crypto assets.
Binance Activity Still Seen as Setting Market Pace
Binance is one of the markers for trading sentiment. While it is not a direct indicator, inflows of stablecoins are showing renewed outflows in the past day. Both BUSD and USDT have been taken off the exchange and into private wallets.
At the same time, there are some Bitcoin (BTC) inflows, potentially preparing for sales.
The Binance exchange still carries more than $66B in daily trading volumes, with one of the most active BTC/USDT trading pairs.
Binance trading also lifts up selected altcoins, as this time Terra (LUNA) and Solana (SOL) are back among the top 10 most active assets. Binance trading pairs can often change the fortunes of altcoins, and are capable of concentrating traders for an exaggerated effect.
The effects on Binance are watched closely for indications on the direction of BTC, as the leading asset threatens to drop under $38,000 and possibly trigger a renewed bear market and stagnation for all projects.
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An early alternative to Bitcoin, LTC aimed to be a coin for easy, fast, low-fee spending. LTC offers a faster block time and a higher transaction capacity in comparison to Bitcoin.
Solana is a cryptocurrency project with a radically different approach to how blockchains work. It focuses on an element which is very simple: time. It seems introducing a decentralised clock to a cryptocurrency blockchain makes it more efficient than anyone could have possibly imagined. Solana is a high-performance cryptocurrency blockchain which supports smart contracts and decentralised applications. It uses proof of stake consensus mechanism with a low barrier to entry along with timestamped transactions to maximise efficiency.