Binance is the largest centralized crypto exchnage globally, and they have been reading the industry for quite some time now. The platform has been responsible for boosting crypto adoption and also bringing new users to the industry. And now, their latest move will make things even better for crypto. Binance now offers Apple and Google Pay as payment options for users.
The significance of adding Apple and Google Pay to Binance
Until now, if you were to use Binance to purchase crypto, there were a few options. The first and probably the most popular one was using P2P trading to buy USDT and then complete your trade. Secondly, there was the option to use cards to purchase crypto directly, but the commission there was very high. It was also not easy for new users who created an entry barrier to using Binance for buying crypto.
Now, as Binance offers Apple and Google Pay as payment options, users can easily make crypto purchases. It is estimated that both of them combined have almost 70 million users, with almost 2/3rds of them using Apple Pay. This removes a significant entry barrier for Binance in adding new users to its platform.
Considering that Binance has millions of users worldwide, it is beneficial for the platform and crypto in general. Even now, purchasing cryptocurrencies is complicated for the majority of the population, and that changes from now on. So, this move will boost Bitcoin adoption as well. However, do note that if Apple Pay and Google Pay services are not available in your country, the payment options wouldn’t be available for you.
In terms of the daily trading volume of cryptocurrencies, Binance is the largest cryptocurrency exchange in the world. It was established in 2017 and had Cayman Islands registration. Initially situated in China, Binance later relocated its headquarters there just before the country’s government started to regulate cryptocurrency trading. The United States Department of Justice and Internal Revenue Service both opened investigations against Binance in 2021 on claims that it had engaged in money laundering and tax evasion.
What are your thoughts as Binance now offers Apple and Google Pay payment options? And do you think this will bring in new users to the platform and also boost adoption? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.