Atlanta and Singapore, April 27, 2020 (GLOBE NEWSWIRE) -- BitPay, the world’s largest provider of blockchain payment services, and Binance, the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, are partnering to drive adoption of Binance’s stablecoin, BUSD. Through the partnership, BitPay will enable all of its merchants around the world to accept BUSD as a form of payment online and in its cross border business to business billing platform without additional integration. BitPay merchants and businesses can purchase BUSD through the Binance Exchange and global exchanges listing BUSD. Support for BUSD in the BitPay wallet goes live today 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.”
As part of the partnership, BitPay will support BUSD in the BitPay wallet so its nearly 2 million users can top up the BitPay Card and businesses like Avnet and Onfido can facilitate cross border payments using a dollar-pegged stablecoin.
Accepting or paying with stablecoins opens up new possibilities for global businesses that require the stability of the dollar but the security and efficiency of blockchain payments. BitPay enables global merchants and businesses to send and receive international payments faster and more economically than traditional bank wires. BitPay offers a cross border business to business invoicing platform that is accurate, reduces fraud risk, and provides quick bank settlement through 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. 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),” said CZ “Changpeng Zhao”, Founder and CEO of Binance. “We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payment solution together with BitPay, making the process simpler and easier.”
As part of the partnership, BitPay will process donations for Binance Charity Foundation. BitPay currently processes payments from global brands like Microsoft, Newegg, AT&T, Dish Networks, and eGifter. Merchants looking to accept payments from BUSD or businesses looking to pay businesses in BUSD can contact sales@bitpay.com.
About Binance
Binance is the global blockchain company behind the world’s largest digital asset exchange by trading volume and users, serving a greater mission to accelerate cryptocurrency adoption with 25+ products, projects and initiatives including:
- Binance Exchange (Binance.com): Binance Futures, Spot & Margin trading, Binance Lending and Binance Staking
- Binance Academy: non-profit blockchain and crypto educational portal
- Binance Charity: non-profit organization and first blockchain-powered donation platform dedicated to advancing transparent philanthropy
- Binance DEX: community-driven decentralized exchange developed on top of the Binance Chain blockchain for issuing and exchanging digital assets in a decentralized manner
- Binance Fiat Gateways: buy-and-sell crypto platform, covering 170+ countries and regions through local payments partners and P2P platforms. Fiat-to-Crypto Platforms: joint ventures with global partners to buy, sell and trade crypto: Binance US, Binance Jersey, Binance Korea, Binance Singapore, Binance Uganda, Binance Lite Australia
- Binance Labs: venture arm and incubator, investing in and supporting early-stage blockchain startups and infrastructure projects
- Binance Launchpad: exclusive token launch platform for supporting transformative blockchain startups and entrepreneurs
- Binance Research: institutional-grade, data-driven insights and analysis for crypto investors
- Binance X: developer-focused initiative to foster innovation of blockchain developers and cultivate industry growth and meaningful use cases
- Other initiatives include: Binance Cloud (end-to-end enterprise solution for launching exchanges), Binance Info (market news and insights), Trust Wallet (mobile wallet and dApp browser)
For more information, visit: https://www.binance.com
About BitPay
Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency and fiat, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Visa® Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, Member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule if any.
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