Binance Pay Launch Pushes Binance Coin To A New All-Time High

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Binance, the world’s biggest crypto platform, is keen not to let Coinbase, Kraken or eToro steal the limelight in 2021. As so many of the US platforms are readying for IPOs, Binance CEO Changpeng Zhao seems determined to continuously innovate within his own space.

Last week, when Elon Musk changed his Twitter bio in support of the Gamestop WallStreetBets saga, the interest from new users to sign onto Binance was so big, that Zhao admitted:

We almost ran out of DOGE coin addresses. Our system couldn’t generate new addresses fast enough to match new users coming in. It’s crazy.

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Binance Pay could be a new PayPal rival

Meanwhile, Binance is currently beta-testing it’s Binance Pay, a system that would allow you to pay everything in crypto and which some say would even rival the likes of PayPal. Changpeng Zhao announced it during an AMA (Ask Me Anything) session a few hours ago.

YouTube video

On the website, the marketing message states that:

Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.

Binance Pay (beta) allows you to pay and get paid in crypto from your friends and family worldwide.

The Binance Pay environment is now available in the Binance app on the Profile tab (make sure you’ve updated the app to the latest version). When opening a pay account you can set up a nickname and a pin. After that you can assign and prioritize certain cryptocurrencies to your Pay wallet.

Currently Binance Pay supports: Binance Coin, Binance USD, Bitcoin, Swipe, Ethereum and EUR.

You can top your wallet up by transferring funds from your spot wallet. When everything is activated you can see your Binance Pay wallet on the Wallets tab.

How to use Binance Pay?

After your Binance Pay wallet is fully setup, you can send and receive the six supported funds. Sending and receiving funds is done by sharing QR codes. You can receive funds by selecting your desired currency and share your QR code. You can send funds by scanning the QR code. After a successful transaction the funds will be deducted from the sender and credited to the receiver.

Currently there are no fees for using Binance Pay.

Binance Coin all-time high

Over at the coin itself, Binance Coin has also just set a new all time high of $52.91 and is up some 25% in the past week. As such, it has entered the top 10 of biggest coins in the ranking based on their market cap.

Currently, BNB is up around 1% trading around $50.02.

Primakov / Depositphotos.com