FX.co ★ Binance exchange launched its own payment system: a landmark event for the cryptocurrency market

Numerous studies and the expansion of the possibilities of cryptocurrencies were some of the factors of the rapid growth of coins in early 2021. Payment giants Visa and Mastercard played a significant role in this, which announced the development and implementation of software for making payments with digital assets. However, in early February, one company has already launched a BETA version of its product.

This company became the largest cryptocurrency exchange Binance. The main feature of using your own payment method Binance Pay is the complete absence of commission when using cryptocurrencies. The head of the company, Changpeng Zhao, said that the creation of this system will be part of the long-term development of the company.

In the BETA version, the payment system allowed making payments between clients of the crypto exchange. The platform became fully operational in March, and now stores from anywhere in the world can accept cryptocurrency as payment. Both financial giants and food establishments can start working with digital assets. The first official client of the service was a travel company that allowed users to book tours using cryptocurrencies.

The revolutionary nature of the creation and operation of such a system lies in the fact that Binance has created an absolutely independent service that accepts cryptocurrencies as payments without commissions. In fact, this is the first truly significant step in introducing digital assets into the daily operations of any inhabitant of the planet. Binance Pay, unlike other companies providing similar services, decided not to be limited to a separate field of activity.

This will significantly affect the dynamics of the use of cryptocurrencies around the world. The popularization of digital assets will lead the cryptocurrency market to constant stable and reasonable growth. It is the launch of this system that will become the initial stage in the formation of digital currencies as a replacement for classical means of payment.