As many experts point out, the lack of convenient payment methods for cryptocurrencies is one of the biggest factors slowing down the pace of adoption.
Many people would have been quite happy using crypto as their method of payment of choice, but the problem is that their options are very limited.
A significant majority of users simply do not see BTC or ETH as money because they do not have any means to utilize their coins as such.
Binance steps up its game
It seems that the company decided to roll out features sooner than expected to ensure that customers remained on the platform after the FTX scandal. The latter was an event of a massive proportion, causing the whole market to shift to decentralized exchanges almost immediately.
During the last month, Binance experienced a massive amount of BTC withdrawals. It was expected, but the exchange still decided to make a couple of power moves to slow down the exodus.
The first initiative was to conduct an internal audit with the help of Mazars, a highly respected accounting company. When their report revealed that the books at Binance look solid, the biggest CEX platform in the world started rolling out new exciting features.
The timing is too good for it to be a coincidence.The new payment system will allow users of the platform to use some of their assets to spend on retail purchases and for other purposes.
While the full scope of the payment system is not yet revealed, it is still a massive change that will dramatically affect the situation in the crypto market, where CEX platforms are competing intensely.
Will it bring more users to the industry?
Binance is a popular service internationally, and its presence in the US is quite significant too. If Binance convinces enough existing users that paying with crypto is convenient and beneficial, many people will flock to Binance.
If the payments system becomes a success, many retailers will offer special discounts and bonuses to crypto users, further increasing the number of new people in the crypto ecosystem.
James Thompson