- Web 3 payment solution, PIP launches its services in the Binance ecosystem.
- It will support Binance Coin (BNB) and Binance USD (BUSD) stablecoin.
PIP, a Web 3 payment solution bringing crypto to the Web 2 universe, announced the launch of its services in the Binance ecosystem. The latest move will see the PIP Extension platform support $BNB and $BUSD stablecoin-based transactions for the Binance Smart Chain (BSC) users. This aims to help BSC users bridge the Web 3 ecosystem to a range of connected Web2 social media platforms.
According to PIP’s CEO and Co-Founder, Jeff Baek, the latest addition to the Binance ecosystem, could be the key to unlocking the vast amount of potential that PIP and the Binance tokens hold.
“We believe that PIP will help $17 billion BUSD to expand beyond a trading pair to become a means of global payment, flouring micropayment economy,” he added.
The combination with the biggest centralized exchange ecosystem will open up the channels for mass adoption of the PIP payment solution by providing a value proposition for Binance’s global market base. PIP aims to reduce the complexity and transaction fees across the Web 3 stage, by building consumer-focused interfaces, which in turn improve the financial inclusivity across Web 3 technologies.
To cater for all users, PIP includes a suite of products including the PIP Extension, PIP.ME, PIP Button, and social tokens. These products help the platform connect easily to social media platforms, allowing social media users to easily transact and monetize their content. The team has already onboarded over 60,000 customers with a total transaction value of $15 million (worth of cryptos) processed.
The PIP Extension, as alluded to, allows users to connect their cryptos to their favourite social media platforms. Simply put, PIP Extension facilitates payments via a PIP tag. The users need to create a unique PIP tag and connect the tag to a supported social media account such as Reddit, Discord, or Twitter to start making payments. The PIP extension can also be downloaded for Chrome browsers to streamline the payment service. By sharing tags, users don’t need to remember long wallet addresses, simplifying the entire end-to-end process of sending payments, both micro and macro, affordably.
The PIP Button, on the other hand, aids the monetization of online activity by helping users generate a payment button for accepting cryptocurrencies. Without any previous coding language, users only need to select their preferred crypto, customize their PIP Button, and embed it on a website via HTML code or React. The PIP Button offers a user-friendly channel for consumers to send, receive, and tip multiple cryptocurrencies and stablecoins, whether transacting for goods or services or simply rewarding their favourite content creators.
Today, PIP users have a plethora of social media services that they can interact with and send payments to including Twitter, Discord, Twitch, and Reddit. On these platforms, users can select an extension to start sending power payments, tips, donations, and more or add a PIP Button to get rewarded for their social continent creation. Those users without a PIP account can even participate, accepting transactions through an escrow-based payment system.
In the near future, $BNB and $BUSD payments will also be accepted on PIP.ME, a free Web3 profile that connects audiences and allows them to accept payments. The PIP.ME is also customizable and can be shared through the users’ social profiles to accept payments, display or market user-owned NFTs, and also share content.
Having raised its seed-round funding from top crypto VCs such as Alameda Research, Coinbase Ventures, CMS Holdings, Galaxy Digital Hong Kong, and Genesis Block Ventures, PIP is planning to introduce more products in the future including the PIP Card, PIP Commerce, PIP Connect, and PIP Widgets in the coming months. Lastly, the payment service also confirmed its intention to “add support or other blockchains, tokens, and social media platforms” in the coming quarters.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
