Binance USD (BUSD) is a USD-backed stablecoin issued by Paxos in partnership with Binance and was issued as ERC-20 tokens on the Ethereum blockchain. BUSD has been in circulation for around 8 months and has grown to see a total supply and market cap of almost $200 million, with daily trading volumes of around $85 million.
There are reportedly over 40,000 BUSD users with over 400 million BUSD purchased since its launch through Binance or Paxos or one of the 45+ exchanges that enable purchases and trading of BUSD. The growth and momentum of the BUSD stablecoin has been impressive, starting out with a market cap of $17 million in September 2019 and reaching $178 million in May 2020. BUSD can be used to buy/sell direct, for trading or to hold or transact where it is accepted for commerce, loans, payments, etc.
It’s popularity and usability has made it one of the most in-demand stable coins amid the ever-evolving fintech industry, bringing with it a further boost to the online payments industry.
Cryptocurrency Payment Gateway
The upward trend seen with BUSD reinforces the important part it is playing as one of the top stable coins. It’s not surprising to have seen an increase in demand from customers who wish to be able to pay for goods or services with BUSD as outlined above, as well as an increase in associated payment related services.
To handle requests from individuals or businesses wishing to accept BUSD payments, specialised payment service providers (PSPs) can nowadays facilitate this process by way of a cryptocurrency payment gateway. This is a decentralised payment platform that enables merchants to accept BUSD and other crypto transactions. As well as allowing for the processing of cryptopayments, the reduction in the number of intermediaries involved means that transaction costs are lower, introducing a number of benefits not available with more traditional payment methods.
These providers mentioned have the technological knowhow to process BUSD and other crypto payments and allow you to connect via a payment API, thereby integrating crypto payments onto your website. The payment API effectively connects your company’s checkout system to the PSP and enables your customers to make purchases from you without having to leave your website for payment processing.
The same infrastructure allows payments via mobile app and since businesses have access to real-time purchasing data, they can make more informed decisions with actionable data in order to drive their business forward.
Accepting cryptos such as BUSD enables businesses to take advantage of the trends and cater for the expanding arena of consumers. Providing this method of payment service is also a sure way to set you apart from the competition. Getting started couldn’t be easier and with the popularity and growth of BUSD as a means of payment, integrating a merchant account is the obvious next step. All that is needed is an initial set up, and you’re ready to get started.
B2BinPay is a leading cryptocurrency processor with solutions for Merchants and Enterprise clients. It enables businesses to send, receive, store, exchange and accept cryptocurrency payments online, safely, securely and cost-effectively across the globe in minutes.
With B2BinPay, merchants can offer their customers a whole range of coins, stable coins and tokens as a payment option. Features include low processing fees, no recurring fees, no hidden charges, real-time balance/transaction history, downloadable reports and secure checkout.
Enterprise clients can receive, store and send a large range of virtual currencies including BUSD. A secure, reliable and scalable wallet solution from a reputable, industry-leading cryptocurrency payment provider, features include secure API, automatic withdrawals for clients and a sandbox environment for development teams, over 888 coins and tokens supported and advanced real-time reports, together with 24/7 technical support in 7 languages including English, Chinese, Japanese, Arabic, Spanish, Russian and Greek.
Integrating B2BinPay is the ideal business choice for accessing the cryptocurrency markets quickly and facilitating global crypto payments. Its expanding user-base includes over 100 cryptocurrency exchanges, forex brokers, online stores and a range of other merchants.
Contact us today and introduce a great new payment mode that will benefit your existing clients, gain you new clients, save on costs and make you stand out from the competition!