Binance and CoinGate Partner to Allow SHIB and ADA Transactions
Binance, the world’s largest cryptocurrency exchange, has announced its latest strategic partnership with Lithuanian fintech firm CoinGate. This partnership will allow Binance Pay users to conduct transactions at CoinGate-affiliated merchants using Shiba Inu ($SHIB) and other Binance Pay supported digital assets. Binance Pay is a payment platform that supports over 70 cryptocurrencies, including Bitcoin ($BTC), Binance Coin ($BNB), Cardano ($ADA), Ethereum ($ETH), Dogecoin ($DOGE), and Polygon ($MATIC). The platform aims to accelerate mainstream adoption of cryptocurrency payments by enabling users to utilize digital assets to purchase products and services from participating merchants.
Accepting Cryptocurrency Payments with Binance Pay
Many businesses have begun accepting cryptocurrency payments through Binance Pay, allowing customers to pay for goods and services with supported digital assets. For instance, Binance users in France began being able to pay with cryptocurrency at retail outlets earlier this year, thanks to a new relationship between the world’s largest crypto exchange and Ingenico, a leading manufacturer of in-store payment terminals. CoinGate, founded in 2014, has been instrumental in encouraging the use of Shiba Inu, Cardano, and other cryptocurrencies as payment options. The company has formed alliances with important merchants, including small and medium-sized businesses, to enable over 200 online stores to accept cryptocurrency payments via its platform.
Binance Pay and CityPay.io Collaboration
Binance announced on February 28 that, as a result of a collaboration between Binance and crypto payment gateway CityPay.io, Binance users in former Soviet republic Georgia can now pay with cryptocurrency at Wendy’s restaurants and “more than 600 other vendors, including major hotels, restaurants, and supermarkets.”
Binance to Remove SHIB from Innovation Zone
Notably, Binance recently announced its plans to remove the meme coin Shiba Inu from its Innovation Zone. The Innovation Zone was designed to provide a safer environment for users to access newer tokens, but it also restricted access for less experienced users who were unable to correctly answer the two questions required for admittance. Binance is making the meme coin more available to a wider range of users on its site by moving $SHIB out of the Innovation Zone.
The partnership between Binance and CoinGate is yet another step towards mainstream adoption of cryptocurrency payments. With Binance Pay supporting over 70 cryptocurrencies, including Shiba Inu and Cardano, users can conduct transactions with ease. CoinGate’s focus on encouraging businesses to accept cryptocurrency payments will further enhance the adoption of digital assets as a legitimate payment option. Binance’s move to remove SHIB from the Innovation Zone indicates a bullish attitude towards the meme coin and a wider availability of the cryptocurrency to its users.