Binance further expands Shiba Inu’s use as a payment method.
Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, has partnered with Lithuania-based fintech company CoinGate.
According to a recent announcement, the partnership will allow Binance Pay users to make payments across CoinGate-powered merchants using Shiba Inu (SHIB).
The partnership also allows users to make payments at CoinGate-powered merchants using any Binance Pay-supported cryptocurrencies.
Binance Pay currently supports more than 70 cryptocurrencies, including Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), Polygon (MATIC), etc.
Commenting on the development, Binance said in a statement:
“Binance Pay users will be able to use the service with CoinGate-enabled merchants who opt into the system. Now, anyone with a Binance account will have access to an even wider range of crypto payment options with CoinGate merchants around the globe.”
Binance and CoinGate Boost Shiba Inu Use as a Payment Method
One of Binance’s commitments is to drive the mainstream adoption of crypto payments. The leading cryptocurrency exchange is doing so through its Binance Pay solution, a contactless, borderless, and secure payment technology. The product allows users to pay for goods and services across supported merchants using cryptocurrencies.
Since Shiba Inu was added to Binance Pay’s list of supported crypto assets in November 2022, several merchants have collaborated with the world’s largest exchange to accept SHIB payments.
As reported earlier, a UAE-based shopping mall and retail conglomerate, Majid Al Futtaim, partnered with Binance to accept Shiba Inu payments across its 29 shopping malls and 13 hotels.
In a similar development, Ukrainian top food chain retailer Varus also collaborated with Binance to accept Shiba Inu payments. Furthermore, Romania’s biggest ticketing platform Entertix allows its users to make payments with SHIB.
Meanwhile, Binance’s newest partner CoinGate has also been fostering Shiba Inu’s adoption as a payment method. Launched in 2014, CoinGate has partnered with top merchants, including small and medium enterprises.
According to CoinGate, over 200 merchants have integrated its payment solution into their online stores to enable them to accept crypto payments. Some of CoinGate’s partners include Wix merchants, Andromeda, B12 Vitamin Store, etc. For context, CoinGate currently supports Shiba Inu alongside more than 70 cryptocurrencies.