Crypto exchange Binance has partnered with BitPay, a provider of blockchain payment services, to “drive adoption of Binance’s stablecoin, BUSD.
According to a note from Binance, BitPay will enable merchants to accept BUSD around the world. Support for BUSD in the BitPay wallet goes live today and support for BitPay merchants will go live in the coming days.
CZ “Changpeng Zhao”, founder and CEO of Binance said they were honoured to partner with BitPay on their Stablecoin:
“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. “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 support BUSD in the BitPay wallet for its nearly 2 million users.
Stablecoins has emerged as a hot sector of crypto as the digital currency is pegged to a fiat currency but benefits from the efficacy of blockchain based transfers and payments. BitPay can enable global merchants and businesses to send and receive international payments faster and more economically than traditional bank wires.
“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.”
