Binance will accept WeChat and Alipay as a way to buy Bitcoin (BTC) and other cryptocurrencies with fiat.
The news was initially circulating as rumors but has now been confirmed.
Update (2019-10-09, 2:44 PM): Zhao has clarified that Binance is not directly working with either WeChat or Alipay. However, they both will be supported as payment options for peer-to-peer (P2P) trades nonetheless. Do note that neither of these will be available on the exchange itself — strictly P2P, which is currently only in China. [The original report is presented, unedited, below.]
Changpeng ‘CZ’ Zhao, the CEO of Binance, has just confirmed that users will soon be able to use WeChat and Alipay to buy cryptocurrencies on the exchange. Users will be able to use these payment options as an alternative to using a bank card.
The rumor was circulating on Twitter, first reported by Haiyi(Celine) Lu (@CelineLu7). Since then, it has been commented by Zhao himself, who confirmed it unequivocally.
— CZ Binance (@cz_binance) October 9, 2019
The official announcement has still yet to be released, but this is a major development for Binance. Now, buying cryptocurrencies with fiat through the exchange will be much easier. Given that WeChat and Alipay are among the most popular payment apps in Asia, this could open up the floodgates to easy cryptocurrency purchases.
The announcement was likely not expected today, but CZ decided to prove the rumors right rather than leave them uncommented on. The news comes just a day after Binance launched P2P Trading in China. In just a few hours, CZ claims that there was significant trading volume on the platform and the price of Binance Coin (BNB) has spiked considerably.
It remains to be seen how popular WeChat and Alipay will be as a payment option on Binance. However, the more choices for those looking to purchase cryptocurrencies, the better.
Given the market rebound across the board as of late, the news comes at a time when sentiments are rebounding after Bitcoin’s double-digit drop two weeks ago.
Do you believe that WeChat and Alipay will prove to be popular payment options for buying cryptocurrency on Binance? Will you be using them? Let us know your thoughts in the comments down below.
Images courtesy of Shutterstock, Twitter.