Through this partnership, users can tap into their Binance crypto-accounts and perform these payments in fiat currency and without any fees. The collaboration also enabled Advanced Payment Solutions (APS) to become one of Binance’s channel partners. APS’s platform is integrated into the Stellar blockchain and allows merchants to receive payments for their goods and services directly from Binance accounts. Moreover, APS offers various solutions for payments, including corporate payments and payment processing.
At the same time, these kinds of collaborations allow Binance to further support and expand its Binance Pay solution with the goal of welcoming more users to the service. Binance officials confirmed as much in the company press release by highlighting their aim to expand the network of partners who can connect new merchants to Binance Pay.
Binance Pay is a contactless and borderless cryptocurrency payment technology that allows users to shop with crypto or send digital assets to friends and family around the world. The service has no fees and supports more than 70 cryptocurrencies at the time of writing.
APS officials emphasised the new project’s benefits and expressed their belief that the collaboration with Binance will support customer growth for both companies and for the ecommerce market.
In January 2023, Binance has obtained its seventh approval in Europe as it registered with the Financial Supervisory Authority in Sweden. The cryptocurrency exchange is also registered in France, Italy, Lithuania, Spain, Cyprus, and Poland.
According to coindesk.com, Swedish residents will now be able to buy and sell cryptocurrencies in euros, as well as access Binance's staking service and use the exchange's Visa card. Binance representatives cited by the same source revealed that the company intends to continue its scaling endeavours with a goal of increasing its headcount by 15% to 30%. They also highlighted that Binance grew from 3,000 to almost 8,000 people in 2022.
According to cnbc.com, rivalling exchanges have been forced to cut large parts of their workforces after nearly USD 1.4 trillion was wiped off the crypto market in 2022 and major digital currencies such as bitcoin and ether saw their prices go down. Moreover, the crypto market faced turmoil last year by the collapses of major projects, liquidity issues, bankruptcies, and the high-profile failure of crypto exchange FTX.
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