Popular cryptocurrency exchange Binance has launched a new business to business (B2B) solution aimed at solving increasingly challenging problems for other crypto asset businesses such as exchanges, wallet services, merchants, and vendors.
Dubbed Binance Access, the new service will enable these third party businesses to integrate Binance’s exchange API with limited functionality to purchase cryptocurrency straight on the vendor or merchants’ platform without accessing Binance directly. According to a Wednesday announcement, Binance Access is part of the wider Binance Open Platform initiative that has launched products such as Binance Cloud and Brokerage Platform and Widget.
According to Binance, the new service is not limited to Binance users explicitly. Anyone accessing the partner platforms will be able to use their existing accounts or create new accounts directly on these partner platforms.
With a Binance account, the users will then be able to make both fiat-to-crypto and crypto-to-crypto transactions on these third party interfaces without accessing Binance. This is made possible through a Binance API that will be served to these vendors and merchants to allow their users to access their Binance accounts remotely.
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 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, the notification announced.
For new account creations, Binance states that the users will still need to adhere to KYC laws assuming that the partner will have these provisions in place. Binance states that to qualify to apply for partnership with Binance, the vendors and merchant businesses will need to have conformed to their local jurisdictions as well as have full fiat capability allowing their users to transfer their fiat balances from bank to the platforms.
This will mean a fully immersive end to end-user experience for the visitors of these partner sites who will be able to ideally convert their fiat balances to crypto without having to use multiple platforms.
The merchants will benefit from this arrangement through the provision of more trading pairs to their customers and the brand affiliation to Binance, the leading spot market exchange in terms of daily trading volumes. It’s worth noting that once the users undergo a KYC check on the partner platform, they will not have to undertake Binance’s KYC.
“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,” Binance CEO Changpeng Zhao said in a statement on Wednesday. “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.”
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