Binance Pushes to Become Super App for Payments, Financial Services
Summary
- Binance said it is pushing to become a super app that integrates payments and a range of financial services beyond cryptocurrency trading.
- Jan said the spread of stablecoins as a means of payment and remittances is creating a new market beyond cryptocurrency trading.
- Binance said it plans to expand payment and financial functions on top of its existing exchange services to build an ecosystem where users can access a range of financial services on a single platform.
Binance is pushing to expand beyond cryptocurrency trading and transform itself into a super app that integrates payments and a broader range of financial services.
Shunyet Jan, Binance's head of spot and derivatives, told CoinDesk on July 15 that the company aims to become a super app combining payments with wider financial services.
Crypto trading remains central to Binance's business. But the rapid adoption of stablecoins for payments and remittances is creating a new market beyond trading.
Binance plans to build on its exchange business by expanding payment and financial functions, with the goal of creating an ecosystem where users can access a range of financial services on a single platform.
Coinbase has also previously outlined a strategy to integrate crypto and a variety of financial services into a single platform, modeled on a super app like China's WeChat.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.