Binance, the world’s largest cryptocurrency exchange, has partnered with Splyt, a “super app enabler”, to bring payment options to the Binance app. Payment options made for Splyt services include cryptocurrencies.
When live, the integration will allow Binance users to pay for ride-sharing services, but also “shared bikes, scooters, airport transfers, public transportation, and even food delivery,” a Splyt spokesperson told Cointelegraph.
As usual, Binance CEO Changpeng Zhao, better known as “CZ”, helped break the news on Twitter:
Book your trip with #Binanceand pay in crypto (no need to convert to fiat).https://t.co/ueGYyy6XVm
— CZ Binance (@cz_binance) June 14, 2022
The news is a relief for Binance, which suffered issues related to “stuck transactions” on Bitcoin (BTC) withdrawals on Monday. The problem was resolved eight hours later.
A Splyt spokesperson told Cointelegraph that it would be the “first partnership in the cryptocurrency space” and, in the face of dangerous price action with Bitcoin below $25,000, “Splyt is excited 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.”
For Binance, it is no secret that they are eager to gain a foothold in the crypto payments space. For CZ, the payments and app integrations are meant to increase the ubiquitous awareness of the Binance brand. As the world has gradually reopened from the depths of the COVI-19 pandemic, CZ has embarked on a world tour, introducing cryptocurrencies and Binance Pay to countries and investors around the world.
Related: Binance Australia CEO: Regulations Will Set Higher Standards in Crypto
The report says that Binance is already used by 90 million users in more than 150 countries worldwide. For Splyt, the partnership opens the door to a broad customer base:
“The other perspective is equally important: Mobility and other on-demand services can dramatically increase acceptance and transaction volumes, by being made available through crypto platforms, which together have hundreds of millions of users.”
Critically, as companies like BlockFi, Gemini, and more recently Coinbase report downsizing, the news is further evidence that Binance is doubling down on the bear market. Another feather on top, Binance continues to expand operations and deploy capital expenditures.