Binance Pay partners with Credencial Payments to enhance the adoption of Shiba Inu as a payment method.
Changpeng Zhao, Binance CEO, and founder, has taken to Twitter to announce a new partnership that will further enhance Shiba Inu’s acceptance as a payment method in Latin America (LATAM).
In a tweet today, CZ noted that Binance Pay has partnered with LATAM-based payments provider Credencial Payments to improve and simplify Shiba Inu’s payments in the region.
#Binance Pay has partnered with LATAM based Credencial Payments, allowing users to pay with crypto in real time.
Binance Pay se alió con Credencial Payment para facilitar pagos digitales con criptomonedas https://t.co/DGHyIunRDL
— CZ 🔶 Binance (@cz_binance) June 8, 2023
Under the partnership, Binance Pay will be integrated into the Credencial Payments system, allowing customers to make payments in Shiba Inu at any merchant connected to the Credencial Payments network.
It is worth noting that Credencial Payments will be tasked with the responsibility of converting all Shiba Inu payments to local fiats, the announcement read.
Aside from Shiba Inu, LATAM businesses will also be able to accept other Binance Pay-supported crypto assets, including BTC, ETH, BUSD, DOGE, ADA, MATIC, XRP, USDT, etc.
Commenting on the development, the Director of Binance’s LATAM Southern Cone, Maximiliano Hinz, noted that payments have always been the first use case for crypto. He added that the adoption of cryptos for payment purposes has enormous room for growth, with Binance Pay playing a major role in achieving this goal.
“Thanks to this alliance, users will be able to use Binance Pay to pay with the cryptocurrency of their choice. This is a new step in our ongoing efforts to promote the global adoption of cryptocurrencies in a tangible way, bringing them ever closer to everyday life,” Hinz added.
Credencial Payments is a Latin American-based payment provider that offers services via debit, credit, and prepaid cards. According to Crunchbase, the company was founded in 1979 to provide seamless payment solutions for LATAM-based businesses and clients.
Growing Adoption of Crypto in LATAM
There has been a growing adoption of crypto in Latin America. Latin America accounts for 9.1% of the global crypto value received in 2022.
Per Chainalysis data, citizens in Latin America received a whopping $562 billion worth of cryptos from July 2021 to June 2022. Several factors, like inflation, cross-border payments, etc., were the significant drivers of cryptocurrency adoption in LATAM.
Binance Boosts Shiba Inu’s Adoption as a Payment Method
Meanwhile, Binance has been fostering the widespread adoption of Shiba Inu payments. Since Binance Pay rolled out support for Shiba Inu in November 2022, the crypto asset has been adopted by top merchants across the world, thanks to Binance Pay’s collaboration with other top payment providers.
Yesterday, Binance partnered with France-based crypto-focused payment app Lyzi, allowing customers to make payments at more than 400 merchants connected to Lyzi’s payment network.
The Crypto Basic has also reported other Binance Pay partnerships, which aim to drive Shiba Inu’s adoption as a payment method. Binance Pay has partnered with top payment providers like CoinGate, Citipay, Ingenico, etc.