Binance Connect will undergo a comprehensive reform to provide seamless transactions for Web3 projects. Binance aims to increase adoption by offering a seamless experience from fiat to cryptocurrency.
Binance Connect will focus on Web3 projects by providing seamless fiat access to acquire tokens or other assets. The Binance Connect product will directly serve businesses and customers, providing access to all Binance functionalities.
Previously known as Bitfinity, Binance Connect underwent another major overhaul after becoming a service provider for Binance.com. The service was reactivated after the bull market in 2024, with users returning to Web3 projects and generating new demand for meme tokens.
“Binance Connect is the ideal solution for Web3 projects, allowing them to focus on what they do best while utilizing Binance’s extensive payment functionalities,” said Thomas Gregory, Vice President of Binance Fiat.
Binance Connect has already accumulated a user base of 230 million globally, despite the service being designed to provide better integration for Web3 users. Binance aims to offer the lowest slippage prices and minimal technical requirements. The service will be free for commercial purposes and operate as a plug-and-play solution.
Binance Connect offers accessible plug-and-play integration tools. It can be integrated into third-party merchant accounts. Any user with a complete Binance profile and completed KYC can click on Binance Connect and utilize all its functionalities. Users must be from eligible countries to buy or sell cryptocurrencies with fiat currency. Binance will offer a total of 100 fiat currencies and 300 coins and tokens, as well as hundreds of payment methods.
The gateway will provide traditional deposit services such as credit cards and bank transfers, as well as fintech tools like Apple Pay, Google Pay, and Binance’s native P2P marketplace. Binance will showcase its toolkit at the Blockchain Week event in Dubai at the end of October.
Binance Connect will be open to end-users starting from the end of November. Developers can access resources to add Binance Connect to their applications. With this tool, any Web3 builder can leverage the user base that Binance has accumulated over the past seven years since its platform’s launch.
Even in 2024, when Web3 projects are still launching despite the bear market in 2022, the addition of Binance Connect will save several steps for cashing out or buying in, even for users experienced in using DEX exchanges. Binance’s asset inventory also includes major blue-chip assets like stablecoins and SOL, so Web3 applications can expect to shorten their onboarding process.
BNB Smart Chain Business Growth
BNB Smart Chain is an L1 hub with nearly one million active wallets daily. The blockchain has seen increased activity in 2024, although it has smaller hopes of competing with Ethereum and Solana. However, BNB Smart Chain has experience in the launch of DeFi and NFT and aims to revitalize its Web3 projects.
The value of tokens on BSC has also grown to over $293 million, including successful applications and DeFi functionalities.
Binance Smart Chain has locked in a value of $4.6 billion, primarily driven by Venus Protocol and Pancake Swap. The increase in centralized markets adds to the available liquidity and immediate opportunities for deposits or sales. The chain’s daily revenue is $36,000.
Although the locked value on BSC is lower than Ethereum and Solana, it is the most active in the Web3 space, along with gaming and other decentralized applications. BSC has a total of 5,521 decentralized applications, while Ethereum has 4,803. The chain’s annualized fees exceed $145 million, maintaining a lower but stable baseline activity level.
While detaching from Binance USD (BUSD), BSC temporarily lowered its value. Binance currently uses FDUSD for centralized liquidity, which Binance Connect users can access through the trading functionality.
The optimism for cryptocurrencies has boosted Binance. The exchange remains a leader in choosing new tokens and successfully listing meme tokens. In September, Binance’s trading application was the most downloaded for new cryptocurrency users. Over the past month, Binance has also had 11.4 million active users.
