Binance Pay Unveils Support For Cardano’s ADA Token Payments To Merchants
In Brief
Binance Pay now supports ADA payments for merchants, enabling instant settlements and is available to over 30 million individuals globally.
Blockchain and cryptocurrency organization which manages the development of the Cardano (ADA) blockchain, Cardano Foundation announced that Binance Pay, the payment solution offered by cryptocurrency exchange Binance, now supports ADA payments for merchants. This integration allows for instant settlements and is available to over 30 million individuals globally. Additionally, Binance Pay offers zero gas fees for both users and merchants.
In order to accept ADA payments via Binance Pay, users will be required to first set up a Channel Partner or Direct Merchant account with Binance Pay and complete the verification process. Afterward, they must sign the Channel Partner or Direct Merchant Agreement and integrate the Binance Pay application programming interfaces (APIs).
The integration of ADA payments will streamline business operations by offering QR codes for online and in-store transactions. It will also allow for Binance Pay integration for payments in applications, dispatching payment links to customers for easy collection, and facilitating mass sending of cryptocurrency payouts for salaries, benefits, loyalty programs, and supplier payments. Additionally, it will enable automatic payment collection from customers and the sending businesses clients a one-time or recurring invoices via Binance Pay QR codes.
By accepting ADA via Binance Pay, users will bee able to connect with Binance’s network of more than 170 million users. Other advantages encompass zero gas fees for both users and merchants, instant real-time settlements, reduced transaction fees for partners, secure transactions, as well as access to merchant dashboards with reporting features.
What Is Cardano And ADA Token?
Cardano is an open-source Layer 1 blockchain that supports smart contracts, built on peer-reviewed academic research. It operates using a Proof-of-Stake (PoS) consensus protocol called Ouroboros.
The blockchain’s native token, ADA, can be utilized to run stake pools or delegated to existing stake pool operators (SPOs) to help with block production and maintain network security. Additionally, ADA holders have voting rights on proposed changes to the blockchain’s software.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
