According to buidlbee.com, to make room for cryptocurrencies, Binance has invested $500 million in a deal between Elon Musk and Twitter. The CEO of Binance, Changpe Zhao (also known as “CZ”), plans to further integrate the cryptocurrency exchange and social media platforms like Twitter.
Binance
Being a market leader among all cryptocurrency exchanges, Binance is not only the most popular but also the most practical platform for trading cryptocurrencies. The abundance of cryptocurrency pairs, the variety of trading options, and the millions of users’ trust – all of which are beneficial in the crypto market – all work in its favor.
In plain English, Binance is a marketplace where you can buy and sell cryptocurrencies, but in practice, the site’s features are considerably more varied. The website is now a self-sufficient ecosystem with a range of instruments that is appropriate for both new participants and experienced traders.
The history of Binance dates back to 2017, when Chinese entrepreneurs Changpeng Zhao and Yi Hee founded it. In the same year, they managed to raise over $15 million by issuing Binance’s native coin – BNB in an ICO (Initial Coin Offering).
Despite the fact that Binance is positioned as a cryptocurrency trading platform, its functionality is not limited to spot trading. In addition to it on the site are available:
- Cryptocurrency loans;
- Margin trading;
- Cryptocurrency staking;
- P2P transactions;
- liquidity swap;
- Trading with leverage;
- Fiat to crypto exchange.
In addition to a wide range of financial instruments, Binance also offers users:
- Interesting solutions in the field of storing cryptocurrencies – their official wallet Trust Wallet;
- The Binance Academy, where users can learn a wide range of materials about blockchain technology, cryptocurrency trading, and more.
Binance Pay
“CZ” claimed at the web conference that it’s not that tough to maintain 100 coins. And he already found a solution, which turned out to be Binance Pay. Binance Pay is a payment service that allows customers to pay merchants. Payment can take place in any currency form that you like. A nice nuance – the transaction will take place without additional fees.
In relation to Twitter, Zhao claims that Binance intends to “push everything crypto or Web3 related.” “We have all the required technology, knowledge, and products, therefore we are ready to help.”
What is BinancePay
Binance Pay is a contactless crypto payment method that can be used worldwide. The service can be used both to transfer crypto to your family, relatives and friends, as well as to receive it. And it doesn’t matter what country you’re in right now.
How to use Binance Pay
With only a few touches, you can utilize Binance Pay on the Binance app.
Select one of the following four approaches to use Binance Pay on your mobile device:
- First of all, you need to scan the QR code of the person to whom you want to make a transfer;
- Then you should click the Binance Pay button, which is located on the main screen, and select the Submit button. Specify all the necessary contact details of the recipient;
- In order to access Binance Pay, you need to go to your Wallet in the Funds tab and select pay. Then it remains to click Send. Specify all the necessary data of the recipient;
- On the screen of your phone, hold down the Binance application icon, select the Scan option, after which you will start scanning the QR code. You just have to scan the QR code of the person to whom you want to make a transfer.
No commission
More than 30 different currencies are supported by Binance Pay, which also permits transactions using well-known digital currencies including Bitcoin, Ethereum, and Binance Coin. However, the ability to conduct international transactions without paying any fees is the most crucial aspect.
The CEO of Binance says that all traditional transfer apps are filled with lots of fees. And the Binance Pay app will solve this problem, which imposes some limitations.
“CZ” noticed that finance is moving at an accelerated pace towards the digital world, and cryptocurrency is at the center of these changes that will benefit people around the world, especially those who need them.
Meeting with Musk
Soon, “CZ” plans to meet with Musk and discuss everything (until “the extraordinary employment of both interlocutors does not allow”).
In addition, today Binance launched a new x25 index contract on its futures platform. It will include BNB, DOGE and MASK.
The index will be calculated as the average change in the price of three assets.
Quite symbolic, given that Dogecoin is Musk’s favorite cryptocurrency, BNB is Binance’s native token, and the name of the MASK coin speaks for itself.
Recall that earlier Binance invested half a billion US dollars in a deal to buy Twitter by the head of Tesla and began to make efforts to integrate blockchain technologies into the largest American social network.
One of the top cryptocurrency exchanges is now Binance. The site has dramatically increased the range of services it provides, including providing cryptocurrency debit cards for mining pools. Payments are likely to be the next major area of innovation amid growing interest from private users.
