Binance, the world’s largest crypto exchange, has decided to partner with Splyt, a payment app (amongst other things), in a move meant to implement payment options to the Binance application.
When released, the merge will allow users to pay for “bike-sharing, scooters, airport transfers, public transport, and even food delivery,” a Splyt spokesperson told Cointelegraph.
Binance CEO Changpeng Zhao announced the news on Twitter:
Binance has needed this. The exchange has suffered from issues related to “stuck transactions” on Bitcoin withdrawals. Although the problem was solved some hours later.
Splty has stated it would be the “first partnership in the cryptocurrency space,” and that, “Splyt is enthusiastic about its development.
“Increasingly, users are turning to their crypto wallets to pay for everyday services. […] Fully integrating everyday services as an obvious next step for crypto wallets.”
Binance has been competing for dominance in the crypto space for some time, and this move is likely, at least partially, meant to spread brand awareness. This also comes alongside the fact that CEO Zhao has been traveling the world pitching crypto and Binance Pay to countries and investors.
Binance reportedly has a user base of around 90 million people spanning across 150 countries around the world. The Splyt merge will likely open doors to a broader customer base.
Zhao is quoted, “The other perspective is equally important: mobility and other on-demand services can dramatically increase acceptance and transaction volumes, by being available through crypto platforms, who together have hundreds of millions of users.”
