Binance ''launch Binance Pay” last Friday, currently in a beta, the CEO said, and discussed several other projects in development. Although it's relatively in the shadows right now, "if you can find the product, you can try it," Changpeng "CZ" Zhao joked during the "Binance Blockchain Week" virtual event, referring to the discreet launch of Binance Pay.
This is a "basket" type product that Binance plans to put "a lot of effort" into this year, CZ said. The support section of the website indicates that "Binance Pay is a contactless, borderless, and secure crypto payment technology [which] allows you to pay and get paid in crypto by friends and family around the world."
It is currently compatible with six currencies: Binance Coin (BNB), Binance USD (BUSD), Bitcoin (BTC), Ethereum (ETH), Swipe (SXP) and a fiat currency, the Euro.
"We think payments are one of the most obvious use cases for crypto, ”CZ said. However, it's much easier for traders to accept cash and credit that people use on a daily basis than it is. currencies that the vast majority of their customers don't use. "That way their business doesn't have to fluctuate with crypto," CZ said.
According to the website, users can receive or pay up to $ 10,000 (equivalent) or complete 10 transactions in 24 hours, while funds received in Binance Pay will only be available for transfer to other wallets after 24 hours.
Binance Card, which operates on the principle of "user pays in crypto, trader receives funds", is one of Binance Pay's projects, said the CEO, who also launched a prototype app payment at application. “Binance Card is still very dynamic,” he said, without providing any numbers. Active Binance Card users are "growing really, really fast ... at double-digit rates." Although all European customers can currently register for the card, other markets will be "launched very soon".
CZ also announced that the Binance app is now available in “Lite mode,” an easier-to-use version of its app. It is aimed at new users "who may not be super active traders," CZ said, while users in countries where it is available can switch between the Lite version and the Pro version.
Finally, Binance announced that the 18th Project on Binance's Launchpad - SafePal (SFP) will follow a new subscription format with the recording of BNB user balances from February 2. CZ said the exchange is a minority investor in the project, as it was a Binance Labs incubation project two years ago.
The new subscription format allows holders to commit an amount of BNB for the sale of tokens, the exchange said, "where their final allocation of the new token is determined by the ratio of their committed BNB to total committed BNB. by all participating users ". There is a maximum token allocation cap per user. In the meantime, the exchange will launch an incentive program for USDT futures contract takers on February 8.
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