BitPay, top blockchain payment service provider, has partnered with Binance to support stablecoin BUSD for the exchange. The stablecoin is now available to individual and merchant BitPay’s 2 million customers.
On April 27, BitPay’s wallet launched support for BUSD, with merchant support scheduled to go live “in the coming days.” BUSD support will also be rolled out for the BitPay Card. Although only U.S- based customers can use the BitPay Card, the product is available in all 50 states.
Changpeng Zhao, founder and chief executive of Binance, said the company is “honored to partner with BitPay,” describing it as “one of the earliest and most reputable providers of crypto payment services” in the crypto sector.
“Partnering with BitPay will enable merchants and businesses from around the world to accept BUSD,” Zhao stated, adding, “We believe a growing number of merchants and businesses will start adopting crypto.”
Stephen Pair, BitPay CEO, described the partnership as expanding the payment options available to its customers by providing catering services to users “who want the flexibility of paying on the blockchain with the stability of the U.S. dollar”.
Binance, the Malta-based crypto exchange, also launched its mining pool on April 27 dubbed ‘Binance Pool’.
Binance Pool will operate with no fees until 31 May, and then the rate will be defined at 2.5%.
In a press release, the company stated that major miners can contact the exchange to negotiate extending the period of free fees.
There are nearly 15 out of the company’s more than 1000 employees are working on the pool.
Head of Binance Pool Lisa He responded to concerns from the crypto community that Binance Pool may lead to greater centralization, stating:
“With industry players like Binance continuing to enter the mining space and contribute computing power to the industry, the mining industry is actually getting more decentralized than it was two years ago. The largest pools have less than 20% of the computing power of the whole network, and the assets on the Bitcoin network become more secure.”
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