Binance launches its mobile payment service for US users
Binance.US, the US affiliate of the world’s largest crypto exchange, is launching its parent’s proprietary payment technology in the United States.
Binance Pay is a contactless and borderless gateway on the Binance App that allows users and merchants around the world to use crypto without incurring special handling fees. With instant settlement for Bitcoin, Ethereum, or any of 150 supported cryptocurrencies, all transactions feature zero gas and zero transaction fees.
Binance.US said the new service eliminates the complexities of transferring crypto to contacts as users no longer need to enter a complex deposit or withdrawal address, pay gas fees, or wait prolonged periods of time for transactions to settle. Settlements are facilitated by Binance, and the crypto-to-crypto gateway supports various crypto assets such as BNB, Bitcoin and Ethereum.
The exchange’s users can try this feature by downloading the latest version of the Binance.US mobile app. The American offshoot of the world’s largest crypto ecosystem is also preparing to introduce a web version of Binance Pay.
“With Pay, we deliver a simple and intuitive user experience, with thoughtful cost-saving benefits for our Binance.US community, to bring the value and utility of crypto to customers’ everyday lives. Here’s what Binance.US users can look forward to with Pay,” the release states.
Binance.US was reportedly looking to extend its seed round with a follow-on fundraise of up to $50 million. The three-year-old cryptocurrency exchange raised about $200 million in April at a pre-money valuation of $4.5 billion. While it has seen greater trading volumes than other rivals in the US, Binance.US still trails far behind Coinbase.
Last year, Binance CEO Changpeng Zhao said that depending on business growth, Binance.US is eyeing a potential IPO route to go public within three years. At the time, CZ added that Coinbase, which became the first crypto exchange to go public, helped set up a playbook for crypto firms to do IPOs.
Although the company generated $800 million–$1 billion in profit last year, Binance.US was looking at a proper way to get VC money in a bid to reduce its dependence on the global parent entity.
Binance.US has seen plenty of news headlines in recent times as regulatory focus returns to the crypto space. Most recently, a group of investors who bought TerraUSD (USTC) and its sister cryptocurrency Terra (LUNC) through Binance.US filed a class-action lawsuit.
The plaintiffs say the crypto exchange and its CEO Brian Shroder had allegedly mislead them and failed to comply with federal and state securities laws.
