Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a strategic partnership with Lithuanian fintech firm CoinGate, allowing Binance Pay users to conduct transactions at CoinGate-affiliated merchants using Shiba Inu ($SHIB) and other Binance Pay supported digital assets.
Binance Pay is a payment platform that supports over 70 cryptocurrencies, including Bitcoin ($BTC), Binance Coin ($BNB), Cardano ($ADA), Ethereum ($ETH), Dogecoin ($DOGE), and Polygon ($MATIC). The platform’s goal is to accelerate mainstream adoption of cryptocurrency payments by allowing users to utilize digital assets to purchase products and services from participating merchants.
Several businesses have begun accepting cryptocurrency payments through Binance Pay over the years, allowing customers to pay for goods and services with supported digital assets. Binance users in France, for example, began being able to pay with cryptocurrency at retail outlets earlier this year, thanks to a new relationship between the world’s largest crypto exchange and Ingenico, a leading manufacturer of in-store payment terminals.
CoinGate, founded in 2014, has been significant in encouraging the use of Shiba Inu, Cardano, and other cryptocurrencies as payment options. The company has formed alliances with important merchants, including small and medium-sized businesses, to enable over 200 online stores to accept cryptocurrency payments via its platform.
Binance announced on February 28 that, as a result of a collaboration between Binance and crypto payment gateway CityPay.io, which “creates high-tech systems for businesses enabling them to receive customer payments in cryptocurrency,” Binance users in former Soviet republic Georgia can now pay with cryptocurrency at Wendy’s restaurants and “more than 600 other vendors, including major hotels, restaurants, and supermarkets.”
Notably, Binance said earlier this month that it will be removing the meme coin Shiba Inu from its Innovation Zone, a move that could indicate bullish attitude.
The Innovation Zone was designed to provide a safer environment for users to access newer tokens, but it also restricted access for less experienced users who were unable to correctly answer the two questions required for admittance. Binance is making the meme coin more available to a wider range of users on its site by moving $SHIB out of the Innovation Zone.