Binance has announced the relaunch of Binance Connect, a service designed to provide Web3 businesses with a seamless fiat-to-crypto transaction solution within its ecosystem. Users are now able to buy and sell cryptocurrencies directly through decentralized finance (DeFi) wallets like Trust Wallet using their Binance accounts.
According to a press release by Binance, Binance Connect supports over 100 fiat currencies and 300 cryptocurrencies, offering various payment methods. Integrated with the main platform, it allows users to conduct crypto transactions from their Binance accounts using traditional methods such as credit cards and bank transfers alongside Binance's peer-to-peer (P2P) services. The service is designed to simplify integration by requiring minimal technical resources while aiming to adhere to regulatory standards.
In response to challenges in the fiat-to-crypto market, including high transaction fees and limited currency options, Binance Connect offers broader currency coverage and competitive pricing. The service includes streamlined onboarding and zero-integration fees, which may assist Web3 projects like decentralized applications (DApps) and digital wallets in providing smoother fiat-to-crypto operations for their users.
Binance Connect aims to meet the needs of diverse digital asset businesses by focusing on lowering entry barriers in digital finance while adhering to compliance requirements.
Binance operates as a major global blockchain platform, featuring the largest digital asset exchange by trading volume. The company offers a wide range of financial products and services within its comprehensive ecosystem, which includes educational resources, research initiatives, charitable efforts, and an NFT marketplace. Supporting users around the clock in 40 languages, Binance prioritizes security and regulatory compliance. In 2022, the platform experienced significant activity with an average daily trading volume of $65 billion and 300 billion spot transactions.