Cryptocurrency exchange Binance has teamed up with Splyt to enable cryptocurrency payment options through the Binance app.
Splyt expects the partnership to open access to Binance’s over 90 million users across 150 countries. This comes as mobility and on-demand services have increased in acceptance and transaction volumes.
Splyt representative says that the service is expected to enable Binance users to access ride-hailing services, public transportation, and food delivery services. The company adds that there was a significant increase in the use of cryptocurrency wallets to pay for goods and services.
Binance is reportedly seeking to increase its share in the crypto payment space, with the app features expected to increase the exchange’s visibility.
The largest crypto exchange by trading volumes is aiming to benefit from the bear market, which has seen most cryptocurrencies tank by double digits. Binance is also looking to increase capital expenditure and expand operations.
The news comes after the exchange announced that it was facing issues related to stuck transactions on bitcoin withdrawals. The challenge was sorted after eight hours.
Source: Nasdaq