The online payment service Alipay and the message and payment app WeChat will now be used by Binance.
— CZ Binance (@cz_binance) October 9, 2019
Binance will use WeChat and Alipay to begin accepting fiat. After confirming the new features, Binance’s CEO Changpeng Zhao, quickly stated that WeChat and Alipay are not working directly with the crypto exchange. He clarified that users are still able to use them for peer-to-peer transactions.
Alipay and WeChat will probably join more future Binance projects
Binance beginning to accept fiat is a very large step and comes directly after the exchanged launched peer-to-peer (P2P) trading. The announcement mentioned that BTC, ETH and USD will be available to trade against the Chinese Yuan (CNY). The initial access will be provided Android users with the version 1.12.1 which have registered Binance accounts for over 30 days.
A few days earlier Binance shared yet another announcement in which it revealed the 8th phase of its lending product. The subscription format comes on a first-come-first-served basis and it officially begins today with the end date being November 10th. After the 30-day subscription period ends, the interest is paid immediately after the term matures.
Despite the turbulent crypto market, the last few months have been very successful for Binance with many new features and services being opened up one after the other. It seems that the crypto exchange is looking to grab customers from all shapes and sizes and is not slowing down one bit.
Just last month, Binance introduced the Binance Market Maker program. The program’s goals were to invite “top-tier liquidity providers”. According to the crypto exchange’s standards, a top-tier liquidity provider is someone who has 30-day trading volumes exceeding 1000 BTC or can achieve volumes of 1000BTC.
The perks of joining the Binance Market Maker Program are trading fee reductions and higher API limits.
By all accounts it seems that Binance is just not slowing down.
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