The Shiba Inu ecosystem team has recently highlighted the empowering role of Binance Pay for SHIB holders in the latest edition of Shib Magazine, which was released on March 20, 2024. It is important to note that Binance Pay added support for Shiba Inu back in November 2022.
Since the integration, Binance Pay has partnered with leading payment providers to enable users to purchase goods and services using SHIB and other supported cryptocurrencies.
The team behind the Shiba Inu ecosystem emphasized that SHIB holders can utilize their profits from the recent surge in crypto asset prices to buy real-world items through Binance Pay. They recommended that people spend their SHIB profits on their favorite goods and services without the need to convert the asset to fiat.
According to the publication, Binance Pay allows SHIB holders to shop on popular e-commerce platforms, travel to their desired destinations, and even buy gift cards for their loved ones. The best part is that these transactions can be conducted without incurring any gas fees.
The magazine also highlighted two notable achievements of Shiba Inu since its integration on Binance Pay. Firstly, Shiba Inu-related transactions on Binance Pay have increased by over 30% year-over-year between 2022 and 2023. Secondly, Shiba Inu has become one of the top 6 most popular crypto assets in terms of transaction count on Binance Pay during this period.
Binance Pay, launched in February 2021, is a contactless payment technology that allows users to make payments using various crypto assets. Aside from Shiba Inu, Binance Pay supports more than 80 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Binance has formed key partnerships to drive the adoption of Shiba Inu as a payment method. For example, the collaboration with CoinGate enables Shiba Inu holders to make payments at over 200 CoinGate-powered merchants. Additionally, a partnership with Bahrain real estate developer Bin Faqeeh allows Binance Pay users to purchase real estate properties using Shiba Inu. Shiba Inu is also accepted as a payment method at eligible stores in France through a partnership between Binance and Ingenico. In Georgia, Binance collaborated with CityPay.io to enable SHIB holders to use the token as a payment method at over 600 reputable vendors. Furthermore, Binance Pay supports SHIB payments in nine Latin American countries, including Colombia, Mexico, and Argentina.
As Binance continues to partner with more payment providers and merchants, Shiba Inu is expected to be increasingly adopted as a viable payment method.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
