Binance has announced a partnership with EazyPay, a mobile application that allows users to effectively and efficiently raise invoices to customers who pay instantaneously through other payment methods. The collaboration between the two financial entities will facilitate digital currency payments to more than 5,000 merchant stores within Bahrain.
Binance/EazyPay Payment Method
Binance’s bold decision, in close working relations with the mobile financial application- EazyPay, paves the way toward massive crypto adoption in the Kingdom of Bahrain soon. The cryptocurrency exchange will promote the use of digital assets as a method of payment incorporated in EazyPay’s mobile application system. This move implies that vendors and merchants can easily send and receive payment transactions in cryptocurrencies and transfer and store them through the Binance exchange platform.
According to recent reports, the world’s largest exchange will initially offer the cryptocurrency payment method to 5,000 stores across the region before expanding to more stores. The cooperation between EazyPay and Binance will allow customers to pay in real-time to vendors at merchant stores using cryptocurrencies instead of fiat.
EazyPay, on the other hand, has emerged as a significant Online Payment Gateway for customers in Bahrain. Nayef Tawfiq, the Founder and CEO of Eazy Financial Services, stated that the new EazyPay/Binance payment system is a milestone for both parties. The EazyPay/Binance payment system will involve the customer scanning a QR code generated by Eazy Point of Sale to initiate the transaction. The customer will then choose Binance to pay for goods and services at the merchant store with the desired cryptocurrency in the Binance wallet.
Binance Is Unstoppable
The move comes after Binance also recently announced that The Central Bank of Bahrain had issued an entire category four licenses to Bahrain-based Binance exchange, allowing the company to operate as a digital asset service provider.
According to Binance, Binance Bahrain received the Cat 4 license to operate as a crypto-asset service provider (CASP) from the Central Bank of Bahrain (CBB). The special permit issued by the centralized finance organization will allow Binance Bahrain to provide a wide range of digital assets and exchange services to Binancians based in Bahrain, within the jurisdiction of Bahrain. The license also made Binance the world’s first exchange for holding a Category 4 license as a crypto-asset service provider.
Binance’s move, in close working relations with the Central Bank of Bahrain, also promotes cryptocurrencies and blockchain technology in Bahrain.
Implications of the Crash to Exchanges
Binance exchange is among the few exchanges that do not seem shaken by the current bearish market sentiment wreaking havoc in the crypto space. Just yesterday (22nd September 2022), Binance gave the highest bid in efforts to purchase Voyager Digital’s cryptocurrency portfolio for a $50 million bargain.
Other exchanges, such as Coinbase, continue to struggle to make it through the bear market through restructuring and cutting losses. Coinbase recently laid off more than 1,100 employees to restructure the organization and minimize company expenditure. Other firms, such as BlockFi and Crypto.com, also show struggles as they recently laid off hundreds of employees amidst the bearish crypto market saga.