Binance partners with BitPay to offer merchants stablecoin payments

Cryptocurrency exchange Binance has partnered with BitPay to enable merchants to accept the exchange’s native stablecoin, BUSD.

Support for BUSD in the BitPay wallet goes live today and support for BitPay merchants will go live in the coming days.

“The partnership with Binance is about more than supporting another stablecoin, it is about making cross border payments simple and easy for both businesses by leveraging the global influence of Binance Exchange,” said Stephen Pair, CEO of BitPay. “With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who want the flexibility of paying on the blockchain with the stability of the US dollar.”

As part of the partnership, BitPay will support BUSD in the BitPay wallet so its nearly 2 million users can top up the BitPay Card and businesses like Avnet and Onfido can facilitate cross border payments using a dollar-pegged stablecoin.

Binance CEO Changpeng ‘CZ’ Zhao also revealed his delight at the partnership, hailing BitPay as one of the most reputable payment service providers in the industry.

“Partnering with BitPay will enable merchants and businesses from around the world to accept BUSD, the USD-denominated stablecoin approved by the New York State Department of Financial Services (NYDFS),” he said.

“We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payment solution together with BitPay, making the process simpler and easier.”

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