• Crypto & Funx
• 12 Nov, 2024

Binance is back with the Connect service to allow buying and selling with crypto.

This Binance Connect is a revamp after the exchange sunsetted it in 2022.

Binance has inked different partnerships lately to enhance on and off-ramping.

, the world’s biggest crypto exchange, has released its updated Connect solution. This innovative solution is specifically designed for Web3 projects looking to simplify fiat-to-crypto transactions.

The Revamped Binance Connect

Thus, Binance Connect is the official fiat-to-crypto payment service for the leading crypto exchange. The solution aims to connect traditional finance to blockchain technology, transforming how businesses and people send and receive money globally. The platform provides businesses with a ready-to-use solution for processing transactions.

The updated Binance Connect solution interacts seamlessly with the exchange’s existing services, improving use and efficiency. Once integrated into third-party platforms, Binance Connect allows verified Binance customers in eligible countries to buy and sell cryptocurrencies directly from their DeFi wallets.

Binance Connect supports over 100 fiat currencies and 300 cryptocurrencies, along with a variety of payment methods. This diverse array of transaction options makes buying and selling crypto easier. Users can buy crypto using credit cards and bank transfers, as well as digital payment methods such as Apple Pay and Google Pay. Furthermore, they can leverage the Peer-2-Peer (P2P) marketplace to perform fiat-to-crypto transactions on Binance Connect.

With over 230 million users worldwide, Binance Connect offers an unparalleled opportunity for Web3 projects to streamline payment processes. The solution leverages Binance’s position as a leading liquidity provider to offer partners with near-to-market prices.

The integration process is completely free for partners and requires minimal technical resources. Binance Connect operates as a plug-and-play solution while adhering to regulatory compliance standards that ensure partners may integrate with confidence.

While Binance Connect is now available for Web3 projects, integrations across multiple platforms are underway. However, users can expect to start using it by late November. Binance Fiat Vice President Thomas Gregory will showcase the solution during Binance Blockchain Week, scheduled for October 30-31 in Dubai. His presentation will provide additional information on how Web3 firms can leverage this innovative technology.

Binance Boosting Crypto Utility

It is important to note that the Connect service was initially launched in March 2022. However, Binance the service in August 2023 amid challenges its provider faced with card payment support. Before the closure, Binance intended to use it as the hub for the exchange’s Non-Fungible Tokens (NFTs) checkout solution. However, the feature was not added before the service shut down.

Therefore, by introducing the revamped solution, Binane demonstrates its commitment to the crypto and blockchain sector. Gregory commented, “Binance Connect is the ideal solution for Web3 projects, allowing them to focus on what they do best while using Binance’s wide-ranging suite of payment capabilities.”

Meanwhile, the revamped Binance Connect launch aligns with the exchange’s recent with payment processor Paymonade. Through the integration, Binance has introduced a new feature that allows users to sell cryptocurrencies directly with credit or debit cards.

With these latest enhancements, Binance aims to enhance crypto utility on its platform and solidify its position as a market leader.