Binance Connect is undergoing a comprehensive reform to provide seamless trading for Web3 projects. Binance aims to increase adoption by offering a frictionless experience from fiat to cryptocurrency.
Binance Connect will focus on Web3 projects by providing seamless fiat access to acquire tokens or other assets. The Binance Connect product will directly serve enterprises and customers, providing access to all Binance functionalities.
Formerly known as Bitfinity, Binance Connect underwent another major overhaul after becoming a service provider for Binance.com. The service was reactivated after the bull market in 2024, with users returning to Web3 projects and generating new demand for meme tokens.
“Binance Connect is the ideal solution for Web3 projects, allowing them to focus on what they do best while utilizing Binance’s extensive payment functionalities,” said Thomas Gregory, Vice President of Binance Fiat.
Binance Connect has accumulated a user base of 230 million globally, despite the service aiming to provide better integration for Web3 users. Binance aims to provide the lowest slippage prices and minimal technical requirements. For businesses, the service will be free and operate as a plug-and-play solution.
Binance Connect offers accessible plug-and-play integration tools. It can be integrated into third-party merchant accounts. Any user with a complete Binance profile and completed KYC can click on Binance Connect and utilize all its functionalities. Users must be from eligible countries to buy or sell cryptocurrencies with fiat currency. Binance will provide a total of 100 fiat currencies and 300 coins and tokens, as well as hundreds of payment methods.
The gateway will provide traditional deposit services 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 toolkit at the Blockchain Week event in Dubai at the end of October.
Binance Connect will be open to end-users starting from the end of November. Developers can access resources to add Binance Connect to their applications. With this tool, any Web3 builders can leverage the user base that Binance has accumulated over seven years since its platform launch.
Even in 2024, when Web3 projects are still launching despite the bear market in 2022, Binance Connect’s integration will save several steps for cashing out or buying in, even for users skilled in DEX trading. Binance’s asset inventory also includes major blue-chip assets like stablecoins and SOL, allowing Web3 applications to shorten the onboarding process.
BNB Smart Chain’s business growth
BNB Smart Chain is an L1 hub with nearly one million active wallets daily. The blockchain has seen increased activity in 2024, albeit with modest hopes of competing with Ethereum and Solana. However, BNB Smart Chain has experience in DeFi and NFT launches, aiming to revitalize its Web3 projects.
The value of tokens on BSC has also grown to over $293 million, including successful applications and DeFi functionalities.
Binance Smart Chain has locked up $4.6 billion in value, primarily driven by Venus Protocol and Pancake Swap. The increase in centralized markets has increased available liquidity and opportunities for immediate deposits or sales. The chain’s daily revenue is $36,000.
Although the locked value on BSC is lower than Ethereum and Solana, it is the most active in the Web3 space, along with games and other decentralized applications. BSC has a total of 5,521 decentralized applications, while Ethereum has 4,803. The chain’s annualized fees exceed $145 million, maintaining a lower but stable baseline activity level.
BSC temporarily reduced the value while detaching from Binance USD (BUSD). Binance currently uses FDUSD for centralized liquidity, which can be accessed by Binance Connect users through the trading functionality.
The optimism surrounding cryptocurrencies has boosted Binance. The exchange remains a leader in choosing new tokens and successfully listing meme coins. In September, Binance’s trading app was the most popular choice for new cryptocurrency users. In the past month, Binance also had 11.4 million active users.
