Binance Connect will undergo a platform revamp, offering seamless transactions to its users. Binance plans to increase the platform’s adoption rate by providing users with a swift crypto-to-fiat experience.
The platform will focus its aim on the Web3 market, offering projects easy fiat access to acquire different assets. Binance Connect will serve both businesses and individuals, offering spot-on access to all the company’s features.
Previously known as Bitfinity, the new Binance Connect platform redesign became necessary after the company acquired it as its service provider. The service returned after the bull market earlier this year, connecting users with various assets including memecoins.
Binance Connect currently has a user base of around 230 million, with the company planning to add more through its Web3 integration. The platform will offer users prices with minimal slippage while reducing technical requirements drastically. From the business angle, it will act as a plug-and-play service that will be free.
Binance Connect will offer an accessible integration tool
Binance Connect can be used via integration in third-party accounts. The full feature of the platform is also accessible to users who are registered with the exchange and have completed their KYC. However, the platform clarified that only users from eligible countries will be allowed to use the platform. Binance will enable up to 300 coins and tokens, with 100 fiat currencies and hundreds of payment methods.
The on-ramp feature will also have different payment methods including traditional ones like credit cards, and bank transfers. Other non-traditional payment methods include Google Pay, Apple Pay, and the platform’s P2P marketplace. Binance is set to showcase its toolset during Blockchain Week in October.
Users will be able to use the platform starting from the end of November, with the company providing tools to developers to add Binance Connect to their applications. With the tool, developers can enjoy the richness of Binance’s user base.
Despite the bear market, Web3 projects have been launching this year. The integration of Binance Connect will aid users who intend to cash out or deposit funds during these runs. The asset list includes stablecoins and assets like SOL, hinting at a shorter onboarding process for Web3 applications.
BNB Smart Chain registers activity growth
BNB Smart Chain as an L1 hub has registered tremendous growth to hit close to 1 million in daily active addresses. Even though its activities increased drastically in 2024, it is nowhere near the level of Ethereum and Solana. However, its experience in the DeFi and NFT market could prove integral in the launch of select Web3 projects. The chain also saw several token growth to reach $293 million.
Binance Smart Chain has about $4.6 billion locked in value, boosted by projects like Pancakeswap and Venus Protocol. The integration with a centralized market will further boost its liquidity, coupled with the availability of buying and selling. The chain registers a daily turnover of $36,000.
While its value locked is smaller compared to Ethereum and Solana, it is the most active chain in gaming and Web3. In context, it has about 5,500 dApps, compared to Ethereum’s 4,800. The chain had a stable baseline, seeing an annual fee of $145 million.
Binance’s activity was boosted by a renewed optimism for crypto assets. The platform is still ahead in picking and listing tokens and memes. Last month, the Binance application was the most downloaded for new crypto users, while it recorded an active user base of 11.4 million.