Binance Pushes to Become a Super App for Payments and Financial Services
Summary
- Global cryptocurrency exchange Binance said it is pursuing a shift to a super app that integrates payments and a range of financial services.
- It said the spread of stablecoins as a means of payment and remittances is creating a new market beyond cryptocurrency trading.
- Coinbase has also outlined a strategy to integrate crypto and a range of financial services into a super app model similar to China’s WeChat.
Forecast Trend Report by Period
Binance is pushing to expand beyond cryptocurrency trading and become a super app that integrates payments and a broader range of financial services.
Shunyet Jan, Binance’s head of spot and derivatives, told CoinDesk on July 15 that the company aims to transform itself into a super app combining payments with wider financial services.
Cryptocurrency trading remains the core of Binance’s business. But the rapid adoption of stablecoins for payments and remittances is creating a new market beyond crypto trading.
Binance plans to expand its payment and financial offerings on top of its existing exchange services, with the goal of building an ecosystem where users can access a range of financial services on a single platform.
Coinbase has also previously outlined a strategy to integrate crypto and a range of financial services into one platform, modeled on a super app like China’s WeChat.
