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Binance Pay Beta Launched: Will It Turn Into The Crypto PayPal?

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Users will soon be able to send and receive payments instantly via Binance Pay. Will it help for the mass-adoption?

The world’s leading cryptocurrency exchange by trading volume, Binance, has launched a beta version of a contactless and borderless crypto payments product by the name of Binance Pay. The exchange will enable its users to send and receive crypto payments worldwide, similarly to PayPal.

The Crypto PayPal?

Presented earlier today by the company’s CEO, Changpeng Zhao, Binance will launch its latest product – the Binance Pay. Currently, in a beta stage.

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“Binance Pay is a basket product that we plan to spend quite a lot of time developing this year as we think that payments are one of the most used cases of crypto.” – said CZ during a live AMA session.

Users will be able to set up their Pay wallets in a way that the wallet will spend their preferred currencies. For now, the only way to top up the Binance Pay wallet by transferring funds from the Binance Spot wallet on Binance.

binance-pay
Binance Pay. Source: Binance

It’s worth noting that the Binance Pay wallet and the Binance Card wallet are actually the same. Meaning that incoming or outgoing funds will be reflected in the same wallet on the exchange.

During its beta stage, Binance Pay is restricted to a daily spending limit of $1,000, and a maximum of 10 transactions in 24 hours. Regarding receiving, the limits are $5,000 and 10 transactions for the same period.

CZ added that the latest company initiative should enhance cryptocurrency adoption as merchants are more willing to receive payments for goods when they are converted immediately into FIAT. Simultaneously, users will pay directly with crypto as the conversion will be seamless for both parties.

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Binance Light: Binance’s App For Newbies

Apart from the Binance Pay announcement, Binance announced a lighter version of the exchange’s application aimed at newer crypto users who are not active traders.

Naturally, it would have fewer options than the exchange app but should work even faster, as stated by Zhao. Some of the features the light version will keep are peer-to-peer trading, FIAT gateways, and payment channels, which should satisfy over 90% of the company’s userbase.

The light version is available for iOS and Android, and users can easily switch to using it.

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Binance to Support the Incoming Polkadot Parachain Slot Auction

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  • Binance exchange will support the Polkadot (DOT) parachain slot auction.
  • The company plans to start the event in November, this year.
  • Doing this will help Polkadot achieve its ecosystem development.

Amid the waves blowing around the incoming Polkadot (DOT) parachain slot auction, Binance exchange has also announced that they are ever-ready to support the Polkadot’s parachain event.

With this synergy, Binance emphasized that it will soon start its Polkadot parachain slot auction program mainly in November 2021. Additionally, the month set to begin the event by the Binance team moves in line with the proposed Polkadot parachain slot auction date.

Meanwhile, Binance didn’t officially give the exact day and time that it will start the event. At the moment, the only news we have is that the team aims to start the parachain event in November.

To clarify, Binance intends to do its part and what it can to help influence Polkadot towards achieving its ecosystem development milestone. In turn, doing this will also push up the growth and adoption of the Polkadot parachain slot project to the mainstream.

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Also, for further info about the event, the Binance team noted that they will keep their eyes on it and provide the community with more updates.

Until then, the team assured that the community should expect a separate announcement in no time and more details than what they have disclosed now. In addition, Binance advised that the community should stay tuned as they are bringing more initiatives ahead.

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Binance Angels Helped a Crypto User Recover Nearly $100,000

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Important information: This is a sponsored story. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.

Binance Angles, volunteers who support the leading cryptocurrency exchange’s community and projects, have helped a cryptocurrency user recover nearly $100,000 in the USDC stablecoin after the user sent the funds to the wrong address.

According to a post Binance published the user, identified only as Damien, sent 98,000 USDC on the Binance Smart Chain to the USDC contract address instead of to his own address on the exchange, leading to a loss of funds.

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After the user conducted thorough research to find out what could be done, he went into despair and contacted Binance’s French-speaking community on Telegram. The community of over 23,000 is moderated by Binance Angels, who informed Damien there was a chance: Binance’s BNB Pioneer Burn Program.

 The BNB Pioneer Burn Program

Binance’s pioneer burn program is a new initiative meant to help users restore funds they have lost due to honest errors on the Binance Smart Chain. Under the program, Binance covers the lost funds of eligible users by using money that was meant to be used on Binance’s quarterly token burns.

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Damien was fortunate enough to see his case meet all of the criteria of the Pioneer Burn Program, meaning that in just 24 hours after his mistake was made, he received the 98,000 USDC back from the cryptocurrency exchange.

 Binance’s blog post details that to be eligible for the program, users’ lost tokens must either be “BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project,” and have to have been transferred to the BEP20 contract addresses verified on BSCScan so the loss can be publicly justified and recognized as moving the asset out of circulation.

The loss also has to be above $1,000 in value, but smaller than the amount of BNB that is projected to be burned during the upcoming quarter.

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Binance Angels

Binance Angels, it’s worth noting, are community volunteers who share their knowledge of the cryptocurrency space and of the Binance ecosystem with its community, and help users navigate everything that’s out there.

These volunteers don’t just help users, but also help translate and proofread content, manage both online and offline communities, and provide feedback on Binance’s features to help the exchange improve.

They are rewarded through exclusive invites to Binance events as either VIP guests or organizers, through meeting with the Binance team, and by attending behind-the-scenes meetings with them. Binance Angels also received limited-edition swag, and exclusive gifts.

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Binance Coin Price Analysis: BNB is bullish for the next 24 hours

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  • Binance Coin price analysis is bullish today.
  • BNB/USD broke above $460 after slight retracement yesterday.
  • Closest resistance at $510.

The price of Binance Coin is presently bullish, as previous resistance at $460 was breached today, pushing BNB higher. As a result, we expect BNB/USD to rise further over the next 24 hours.

Binance Coin price movement in the last 24 hours: Binance Coin breaks $460, continue higher in the next 24 hours.

The price of Binance Coin is presently bullish, as a recovery in its price was seen after yesterday’s retracement, pushing the price back to higher prices. As a result, we expect BNB/USD to rise further over the next 24 hours. The market closed today at $470 for a gain of $9 in the last 24 hours.

A look at BNB/USD in the 4H chart shows that yesterday, the Binance Coin price dropped to a low of $450 and went into consolidation. Recovery was seen soon after, pushing the price higher and breaking above resistance at $460.

This week, however, the price broke above $460 and the 200 SMA (red). The break was supported by a rise in trading volume from yesterday’s low of $124 million to today’s high of $163 million. This has resulted in BNB/USD rising by close to 10% today, and we expect it to rise further over the next 24 hours.

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The nearest resistance is seen at $510 (the price of Binance Coin on August 23), while support is found at $450. Over the day, we predict a break of this level will take place, pushing the price to $500.

BNB/USD 4-hour chart: BNB shows bullish movement

On the 4-hour chart, we can see bullish momentum still strong, indicating we will see further upside today.

Binance Coin Price Analysis: BNB is bullish for the next 24 hours 1
BNB/USD 4-hour chart. Source: TradingView

Binance Coin’s price action has shown considerable bullish momentum over the last several weeks. On October 1, BNB/USD rose to a new high of $450.

Binance Coin (BNB) recovered Monday, establishing a higher low of $395 before spiking Tuesday again. The previous swing high was broken, allowing BNB to reach the next resistance at $460.

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Binance Coin fell to test the $440 prior swing high barrier as support, with a little reaction following. Any additional selling yesterday was not apparent, so BNB/USD went back on a bullish trend over the previous 24 hours.

Binance Coin Price Analysis: Conclusion and

The market of Binance Coin today is showing promise of further gains in the next 24 hours despite poor sentiment across cryptocurrencies. Several new records for cryptocurrency prices have the nearest been set over the past few weeks, but now the market is slowing down, with trading volumes dropping dramatically. This is likely to affect Binance Coin prices soon have the as well.

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