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In an exciting development, the team behind the Shiba Inu ecosystem has highlighted how Binance empowers SHIB holders through its payments platform, dubbed Binance Pay.
The team made this known in the 17th edition of Shib Magazine, released on March 20, 2024. Although the publication was issued recently, it is imperative to note that Binance Pay added support for Shiba Inu in November 2022.
By utilizing Binance Pay, you can take advantage of contactless, borderless, and secure cryptocurrency payments, furthering the adoption of digital currencies in daily transactions.
Learn everything you need to know about Binance Pay x Shib here 👇https://t.co/OcqT1auiua pic.twitter.com/B7nI6YceQO
— The Shib (@TheShibmagazine) March 21, 2024
Since the integration, Binance Pay has collaborated with top payment providers to enable its users to purchase goods and services using SHIB and other supported cryptocurrencies.
Binance Empowering SHIB Holders
With the prices of various crypto assets skyrocketing over the past weeks, the team emphasized that SHIB holders can use some of their profits to purchase real-world items using Binance Pay.
Recall that SHIB spiked to around $0.000045 earlier this month, with many investors making profits. Interestingly, the Shiba Inu ecosystem team recommended that people channel some SHIB profits to purchase their favorite goods and services via Binance Pay without converting the asset to fiat.
Per the publication, Binance Pay allows SHIB holders to shop across top e-commerce platforms, travel to their favorite destinations, and purchase gift cards for their loved ones.
It emphasized that SHIB holders can conduct these transactions without paying gas fees.
Shiba Inu Adoption as Payment Method Spikes
Furthermore, the magazine highlighted two significant feats Shiba Inu has achieved since its integration on Binance Pay.
Firstly, it noted that Shiba Inu-related transactions on Binance Pay skyrocketed by over 30% year-over-year (YoY) between 2022 and 2023.
Secondly, Shiba Inu also ranked among the top 6 most popular crypto assets by transaction count on Binance Pay within this period.
Top Partnerships Fueling SHIB Adoption as a Payment Method
Launched in February 2021, Binance Pay is a contactless payment technology that allows users to facilitate payments using crypto assets. In addition to Shiba Inu, Binance Pay supports over 80 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
Binance has entered into key partnerships to drive Shiba Inu’s adoption as a payment method. For instance, it partnered with CoinGate last year in a strategic move that allows Shiba Inu holders to make payments across more than 200 CoinGate-powered merchants.
Thanks to a 2023 partnership between Binance and Bahrain real estate developer Bin Faqeeh, Binance Pay users could purchase real estate properties using Shiba Inu.
Shiba Inu is also accepted as a payment method across eligible stores in France, following a partnership between Binance and Ingenico. In Georgia, Binance collaborated with CityPay.io to allow SHIB holders to use the token as a payment method across over 600 reputable vendors.
You can also make payments in SHIB through Binance Pay in nine Latin American countries, including Colombia, Mexico, and Argentina.
Shiba Inu will continue to be widely adopted as a suitable payment method as Binance partners with more payment providers and merchants.