The latest edition of Shib Magazine, released on March 20, 2024, has revealed an exciting update regarding the Shiba Inu ecosystem. The team behind Shiba Inu has highlighted how Binance Pay is empowering SHIB holders through its payments platform.
It is important to note that Binance Pay had already added support for Shiba Inu back in November 2022, despite the recent publication. Since the integration, Binance Pay has collaborated with leading payment providers to enable users to purchase goods and services using SHIB and other supported cryptocurrencies.
The team emphasized that SHIB holders can now use some of their profits from the surging prices of various crypto assets to buy real-world items through Binance Pay. Instead of converting SHIB to fiat currency, the Shiba Inu ecosystem team recommended utilizing Binance Pay to make purchases.
According to the magazine, Binance Pay allows SHIB holders to shop on top e-commerce platforms, travel to their favorite destinations, and even purchase gift cards for their loved ones. The best part is that these transactions can be done without incurring any gas fees.
The adoption of Shiba Inu as a payment method has seen significant growth since its integration on Binance Pay. The magazine reported that Shiba Inu-related transactions on Binance Pay increased by over 30% year-over-year between 2022 and 2023. Additionally, Shiba Inu ranked among the top 6 most popular crypto assets by 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 cryptocurrencies, including Shiba Inu. Apart from SHIB, Binance Pay supports over 80 other cryptocurrencies, such as Bitcoin, Ethereum, and Binance Coin.
To further drive the adoption of Shiba Inu as a payment method, Binance has formed key partnerships. For example, a strategic partnership with CoinGate enables Shiba Inu holders to make payments across more than 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 now accepted as a payment method in eligible stores in France, thanks to 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 across 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, the adoption of Shiba Inu as a suitable payment method is expected to grow even further.
It is important to note that this content is purely informational 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 thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.