MetaMask and Binance add SPACE ID solution to simplify deposits

MetaMask and Binance are tapping into a newly launched cross-chain payments zero-knowledge proofs-powered solution to simplify crypto transfers from decentralized exchanges to centralized exchanges.

Crypto exchange Binance and non-custodial wallet MetaMask, owned by Consensys, will utilize Payment ID, a zkEmail solution launched by digital identity platform SPACE ID.

While MetaMask is already connected to the solution, integration with Binance will happen soon, SPACE ID said in a press release.

With the Payment ID integration, users can transfer assets between CEX platforms and web3 applications, with these enabled for any address, chain or wallet. SPACE ID claims its solution makes cross-chain crypto transfers as easy as using Revolut or Venmo.

“Sending crypto should be easier than traditional financial rails, not harder. With Payment ID, we have finally found a solution to this problem, and it’s a simple one. One ID for every address, chain, and wallet. It’s as easy as Revolut or Venmo, and that’s what’s needed to bring mainstream users into web3 and retain them for the long term,” said Harrison Seletsky, director of business development at SPACE ID.

Payment ID allows for transfers to crypto exchanges such as Binance because they offer simple, human-readable payment IDs.

One can create an ID with their Gmail or Yahoo account. Mapping these to deposit addresses allows users to avoid losses that run into millions of dollars due to copy-paste errors, phishing scams, and deposits to the wrong chain.

Christian Montoya, network expansion product lead at MetaMask, said:

“Web3 is all about making payments easier, but complex blockchain addresses get in the way of that. SPACE ID’s novel Payment ID approach makes sending money as easy as sending an email. It’s a perfect example of the kind of innovation possible with MetaMask Snaps – bringing privacy-preserving, interoperable, human-readable identities to the most popular self-custodial wallet.”

As well as upcoming Binance integration, SPACE ID is eyeing other top CEXs and web3 wallets.

The platform’s identity solutions across the ecosystem include more than 6.7 million registered domains and over 2.7 million owners. It supports Ethereum, BNB Chain, Arbitrum, and Story Protocol among other chains.