Binance Connect will get an overhaul to offer seamless transactions for Web3 projects. Binance aims to boost adoption by offering a seamless fiat-to-crypto experience.
Binance Connect will focus on Web3 projects, by offering seamless fiat access to acquiring tokens or other assets. The Binance Connect product will serve businesses and customers directly, offering one-point access to all of Binance’s features.
Binance Connect, previously known as Bitfinity, got another overhaul after becoming the service provider for Binance.com. The service reactivated after the 2024 bull market, which returned users to Web3 projects and set up renewed demand for meme tokens.
“Binance Connect is the ideal solution for Web3 projects, allowing them to focus on what they do best while using Binance’s wide ranging suite of payment capabilities,” says Thomas Gregory, Vice President of Fiat at Binance.
Binance Connect has already accrued a global user base of 230M, though the service aims to offer better integration for Web3 users. Binance aims to offer prices with minimal slippage, as well as minimal technical requirements. For the business side, the service will be free and operate as a plug-and-play solution.
Binance Connect offers accessible plug-and-play integration tool
Binance Connect can be integrated in third-party merchant accounts. Any user with a full Binance profile and completed KYC can tap Binance Connect and use its full features. The users must be from eligible countries to be able to buy or sell crypto for fiat. Binance will offer a total of 100 fiat currencies and 300 coins and tokens, with hundreds of payment methods.
The on-ramp will offer traditional deposit facilities such as credit cards and bank transfers, as well as fintech tools like Apple Pay, Google Pay and Binance’s native P2P marketplace. Binance will showcase its toolset during its Blockchain Week event in Dubai at the end of October.
Binance Connect will be available from the end of November onward for end users. Developers can access resources to add Binance Connect to their app. With this tool, any Web3 builder will be able to tap Binance’s user base, built up over more than seven years since the platform’s launch.
Web3 projects are still launching even in 2024, despite the 2022 bear market. The addition of Binance Connect would save several steps in cashing out or buying in, even for users that are skilled at using DEX trades. Binance’s asset list also includes stablecoins and major blue chip assets like SOL, so Web3 apps can hope for a shorter onboarding process.
BNB Smart Chain grows activity
BNB Smart Chain is a L1 hub with close to 1M daily active wallets. The chain increased its activity in 2024, though it has smaller hopes of competing with Ethereum and Solana. BNB Smart Chain, however, had experience with DeFi and NFT launches, and aims to revive its Web3 selection of projects. Tokens on BSC also grew their value to more than $293M, including successful apps and DeFi features.
Binance Smart Chain locks in $4.6B in value, mostly driven by Venus Protocol and Pancake Swap. The addition of a centralized market boosts the available liquidity, as well as immediate access to deposits or selling. The chain produces $36K in revenues on a usual day.
While BSC locks in lower value than Ethereum and Solana, it is the most active Web3 chain with gaming and other decentralized apps. BSC carries a total of 5,521 decentralized apps, compared to 4,803 for Ethereum. The chain achieved more than $145M in annualized fees, keeping a low but stable level of baseline activity.
BSC decreased its value temporarily while divesting Binance USD (BUSD). Binance currently uses FDUSD for concentrated liquidity, accessible to Binance Connect users through the trading feature.
The renewed optimism for crypto assets gave a boost to Binance. The exchange remains a leader in selecting new tokens and achieving successful new listings for memes. In September, Binance’s trading app was the most downloaded for new crypto users. Binance also had 11.4M active users in the past month.
