Binance recently unveiled the Binance Access feature, which is a B2B solution that is targeted at vendors, merchants, and wallets. The feature will allow users to purchase crypto directly from the merchant’s platform via the Binance exchange without leaving a platform.
How Binance Access Works
The Binance Access feature is an API that is owned and operated by Binance.com. The API is availed to clients and partners and it is part of the Open Platform initiative by Binance. With Binance Access, users will be able to create a Binance account automatically once they log in to the merchant’s platform.
Users will be able to purchase crypto from the merchant’s platform using the fiat balance in their account. When a user buys crypto, it is automatically sent to their Binance account. Crypto is protected with the highest level of security and participates in the SAFU program, initiated by Binance. Users can continue to use the account balance in the Merchant’s platform to buy crypto.
What the CEO had to Say
According to the CEO of Binance, Changpeng Chao, the API will allow merchants to offer and exchange service to users without having to run an exchange. The result will be a streamlined process for the end-users as well as the service providers. CZ added that the goal of Binance was to lower the entry barrier into the crypto sector. To achieve this, the company was continually working on solutions that boost the adoption of crypto.
Who Can Use Binance Access?
According to a press release, the Binance Access API is customized for businesses within the digital asset sectors. Besides merchants, vendors can use it when accepting payments in crypto. Additionally, crypto wallets can use it to access their offering to clients while providing them with new opportunities to scale within the crypto sector. For merchants and businesses that want to integrate the API into their platform, they must support fiat payments. Additionally, they should comply will all regulations in the jurisdictions where they operate
To create the API, Binance implemented a standard API and built a “buy crypto” feature into it. If a user has passed the KYC process on the merchant’s platform, they will not need to undergo extra verification on Binance. Thus far, the API has been integrated into the Advcash platform, which is the first to do so.
About the Open Platform
Binance launched the Open Platform initiative at the start of 2020. Its goal is to offer infrastructure solutions and resources to companies in the crypto sector. By doing so, Binance wants to help them create sustainable growth. Thus far, the Open Platform has been responsible for projects such as the Binance Cloud, Binance Widget, and the Binance Brokerage Program.
Earlier this year, Binance introduced the Open Platform initiative committed to providing infrastructure solutions and resources to the larger industry that help them build sustainable growth for the global crypto ecosystem. Initiatives under the Open Platform include the Binance Brokerage Program, Binance Cloud, and Binance Widget.
Binance is the world’s largest provider of crypto and blockchain infrastructure in the world. The company operates the largest crypto exchange by user base and trading volumes. Binance has leveraged its position as a market leader to expand the crypto ecosystem. For instance, they launched new trading pairs against the Euro in January 2020. Additionally, they plan to launch a crypto mining pool. Providing infrastructure support will make crypto more accessible on a global scale. With merchants essentially having the ability to run an exchange without exchange liability, this makes it tremendously easier for entities to transition into the space.
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