MOSCOW, June 24, 2020 /PRNewswire/ -- Binance, the global blockchain company behind the world's largest digital asset exchange by trading volume and users, today announced Binance Access, a business-to-business (B2B) solution for merchants, vendors and wallets to integrate a "buy crypto" functionality on their platform. By integrating Binance Access, merchants and vendors are able to allow their users to natively buy crypto directly on their platform through Binance without leaving its interface.
Binance Access is a standard API operated on Binance.com, which is made available to clients and partners as part of Binance's Open Platform initiative. Binance Access will automatically allow users to create a Binance account after logging in to the merchant's site. Users can buy crypto directly from the merchant's interface using their available fiat balance. While the purchased crypto goes directly into the user's Binance account to ensure the highest level of security and participation in Binance's SAFU program, users can continue to buy crypto on the merchant platform.
"Binance Access allows businesses to provide a one-stop exchange service to their customers and users without operating an exchange, streamlining the process for both service providers and the end-users," said Binance CEO Changpeng Zhao (CZ). "By providing other industry players and businesses with the tools and services to build the ecosystem, we hope to continue lowering the entry barrier to crypto and enabling more solutions to boost adoption as an infrastructure provider."
Binance Access is currently customized for businesses operating in the digital asset space, including vendors accepting payments in crypto and crypto wallets, allowing them to expand their offerings and new opportunities to scale in the crypto ecosystem. Merchants and businesses looking to integrate the Binance Access solution must have fiat capability and be fully compliant in the jurisdictions they service to be eligible.
The seamless integration of the solution involves the implementation of a standard API and integration of the "buy crypto" functionality into the platform interface and is ready for use shortly after. If the user has already passed KYC (Know Your Customer) verification on the merchant's platform, no additional verification is required on Binance. E-wallet platform Advcash is the first platform that has integrated the Binance Access solution.
Earlier this year, Binance introduced the Open Platform initiative committed to providing infrastructure solutions and resources to the larger industry that help them build sustainable growth for the global crypto ecosystem. Initiatives under the Open Platform include the Binance Brokerage Program, Binance Cloud and Binance Widget.
Binance is the world's leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com.