Binance, a global blockchain company, today announced Binance Access, a business-to-business (B2B) solution for merchants, vendors and wallets to integrate a ‘buy crypto’ functionality on their platform for existing and new Binance users.
By integrating Binance Access, merchants and vendors are able to allow their users to natively buy crypto with fiat directly on their platform through Binance without leaving its interface, according to Binance
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 users can easily link their accounts to the participating merchant’s platform and Binance Access will automatically allow non-Binance users to create a Binance account after logging in to the merchant’s site.
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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, users can continue to buy crypto on the merchant platform.
Lowering the entry barrier to crypto
“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.”
The firm said that 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 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, the firm’s statement revealed.