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Blockchain payment service provider BitPay and major crypto exchange Binance are joining forces.
In a press release, Binance announced its partnership with BitPay, and part of their agreement is to drive the adoption of Binance’s stablecoin BUSD.
The collaboration would enable merchants to accept BUSD as among its online payment options and in its cross border business to business billing platform without additional integration.
BitPay merchants can purchase BUSD through Binance Exchange and other global exchanges where BUSD is listed. BUSD is already supported in the BitPay wallet and support for BitPay merchants will go live in the coming days.
“The partnership with Binance is about more than supporting another stablecoin, it is about making cross border payments simple and easy for both businesses by leveraging the global influence of Binance Exchange,” said Stephen Pair, CEO of BitPay. “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.”
Stablecoin payments open new doors for global businesses that require the stability of the dollar and blockchain payments' security and efficiency. BitPay helps merchants worldwide to send and receive international payments faster and cheaper compared to traditional bank wires. Its cross border business to business invoicing platform is also accurate, with reduced fraud risk and speedy bank settlement using stablecoins.
“We are honored to partner with BitPay, one of the earliest and most reputable crypto payment service providers in our industry. Stablecoin is the forerunner of blockchain-powered payments by its nature,” said Changpeng “CZ” Zhao, Founder and CEO of Binance.
“Partnering with BitPay will enable merchants and businesses from around the world to accept BUSD, the USD-denominated stablecoin approved by the New York State Department of Financial Services (NYDFS).”
CZ is also positive that more merchants and businesses will adopt crypto soon. Binance is glad to provide a payment solution with BitPay to make the process “simpler and easier.”
Meanwhile, in February, BitPay partnered with open commerce platform Poynt. Their partnership brings cryptocurrency payments to over 100,000 Poynt retailers by integrating the crypto payments with Poynt’s Smart Terminal POS.
