- BitPay adds Binance exchange’s stablecoin, Binance USD (BUSD) to its merchant payment processing platform.
- BUSD is the latest in a string of crypto payment options including BTC, ETH and XRP.
In an announcement by BitPay, a merchants’ crypto payments processing firm, announced the addition of Binance USD (BUSD) on it platforms. Merchants will now be able to accept Binance stablecoin across the U.S boosting adoption rates in daily usage of cryptocurrency.
https://t.co/gb80wiwKu1 We’re proud to announce @BitPay & @binance have partnered to allow BitPay's 2M+ wallet holders to store and spend #BUSD at any BitPay merchant via our #cryptowallet. Visionary #CEOs @spair and @cz_binance work together for global crypto adoption.
— BitPay (@BitPay) April 27, 2020
The CEO of BitPay, Stephen Pair, expects the partnership with Binance will open up cross border payments using the platform given the top exchange’s reach across the global market. He also expects the partnership between the two crypto companies to yield a wider market base as they provide users with a stable and quick gateway to purchase everyday goods.
He further said,
“With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who want the flexibility of paying on the blockchain with the stability of the US dollar.”
Users can start depositing BUSD tokens in their BitPay Wallets starting April 27he service is set to be rolled out to respective merchants across the globe in the coming days. BUSD will also be available on its debit card, BitPay Card, a functionality only available in the U.S. The Card will support users across all the 50 states.
Binance CEO, Changpeng “CZ” Zhao also showed appreciation for the partnership with BitPay in his statement. CZ said,
“We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payments solution together with BitPay, making the process simpler and easier.”
BitPay currently supports over 2 million customers across all the 50 states in the U.S and other points of sale across the globe. BUSD, adds in to a pot of cryptocurrency payment options already available including Bitcoin (BTC), Ethereum (ETH), Ripple-led crypto, XRP, and other stablecoins.
Binance USD was approved back in 2018 by the New York State Department of Financial Services (NYDFS) allowing its trade across the 50 states. The partnership