When the cryptocurrency industry was brought into being back in 2009, it was only accessible through mining. The users only had the option of mining Bitcoin (BTC) and altcoins in order to get their hands on cryptocurrencies and save them.
However, the cryptocurrencies did not have any value or worth until 2012 when the first cryptocurrency exchange was launched. It has been stated that Kraken is the first cryptocurrency exchange that was launched to facilitate crypto-users and miners.
That is when the cryptocurrencies finally managed to gain worth in the cryptocurrency markets. Since then, cryptocurrency exchanges have played a huge role in the advancement of the entire cryptocurrency industry.
The exchanges helped create a competitive environment among the cryptocurrency networks. That was the time when cryptocurrencies started coming up with different products and tools in order to gain supremacy among others.
With the passage of time, the launch of products, tools, services, and features has expanded from being provided by cryptocurrencies to cryptocurrency exchanges as well.
When it comes to that, then the exchange that is ahead of all others is Binance. Binance currently ranks as the largest cryptocurrency exchange in the entire crypto-industry with respect to market capitalization.
Binance is a cryptocurrency exchange that is based in the United States and currently has the highest number of users that it facilitates. The users have the ability to perform cryptocurrency trades, sales, and purchases through the platform. On top of that, the exchange also offers one of the securest and most protected wallets that the users can use to save their crypto-assets.
Binance is also known for introducing new products and securities for users every now and then. All the efforts made by Binance so far have helped it bring more users and exposure to the cryptocurrency industry entirely.
As per the latest reports, Binance has launched another application and this time, it is a payments application. Binance has confirmed that the name of the payments application it has launched is “Binance Pay”. The sources have revealed that Binance has launched the Binance Pay application in public alpha.
The application is known for offering users a cryptocurrency payment feature that is contactless and is processed through the peer-to-peer mechanism. The contactless crypto-payment feature would facilitate users in receiving and sending payments with the help of cryptocurrencies such as Bitcoin (BTC).
It was back in February 2020 when Binance Pay was rolled out to the users by Binance in the form of a soft launch. At that time, more than 25,000 users at Binance were granted access to this application and they were able to test the p2p feature offered through it.
Following the soft launch from back in February 2020, the company has announced on Saturday, March 13, 2021, that the Binance Pay application has been fully launched.