Ripple (XRP) Gains More Adoption With New Binance Pay & CoinGate Partnership

April 19, 2023 3:18 pm Comments

Ripple has continued to achieve consistent growth in XRPL adoption all around the world thanks to the high demand of its On-Demand liquidity solution and the capabilities of the XRP ledger.

Just recently, Ripple is once again in a position to gain another boost in adoption thanks to a new partnership that was done between Binance Pay and CoinGate.

Basically, this partnership will allow Binance Pay users to make crypto payments to any merchant that uses CoinGate which means that crypto like XRP can be used directly to pay on the platform.

This is quite significant because CoinGate is already a huge service provider that provides payment services for merchants in more than 70 different countries all around the world.

As a result, XRP and many other crypto assets are now a lot more usable as currency due to the widespread acceptance of them for payment.

FinBold reports:

The Binance Pay integration for CoinGate is turned on by default and can be accessed using the standard integration channels; API access will be made available in the near future. After the first three months, there is a 0.3% fee for using Binance Pay to make payments until you deactivate the service.

With this enhancement of CoinGate’s services, companies can accept payments using the widely used cryptocurrency app, increasing the number of methods consumers may use to transact with them.

With the increasing popularity of digital assets, this improvement represents a major step toward standardizing companies’ acceptance of cryptocurrency payments.

The addition of Binance Pay integration is a big step in ushering in a new age for companies willing to embrace the monetary innovations of the future. Notably, CoinGate revealed back in January that crypto payments in eCommerce had climbed over 60% in 2022.

This new partnership continues to highlight the versatility of how XRP can be used as it is becoming popular for both financial institutions as well as retail consumers.

As adoption of the asset increases in both of these use cases, it is expected that the value of XRP will continue to rise in the long run.

The current lawsuit that Ripple has against the SEC will be unlikely to block this growth as there is already a tremendous amount of adoption on the global stage.

The CoinGate partnership with Binance Pay will also help expand the overall crypto industry’s market cap due to the large customer base that Binance has already. concludes:

The partnership is expected to benefit businesses in more than 70 countries that use CoinGate’s services and accept cryptocurrency payments.

Currently, over 200 merchants have integrated Binance’s new partner’s crypto payment solution, and this figure is anticipated to grow exponentially with the inclusion of the new one.

Although the black-and-yellow crypto giant’s payment service supports almost 80 cryptocurrencies, Cardano (ADA) and XRP are among the most beloved ones by the community. The expansion of the partner network will contribute to the growth of their global acceptance, further establishing their status as popular crypto choices.

The adoption of cryptocurrencies as a means of payment is on the rise, and partnerships such as this one are contributing to this trend. As the world moves toward a more digitized economy, the acceptance of cryptocurrencies is likely to become even more widespread, and initiatives like this one will play a crucial role in driving that change.

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