Shiba Inu has been taking the payments route to provide more utility for the cryptocurrency. Over the past year, numerous brands and merchants have begun to accept the meme coin as a mode of payment, seemingly to leverage the popularity of the coin among investors. It has now taken another step in its payments utility as it lands on the largest crypto exchange in the world, Binance.
In a recent post, crypto exchange Binance posted that it would be adding the capability for new coins on its Binance card. The Binance card is one that allows users to pay at merchants worldwide using their cryptocurrencies, and it already features a number of prominent cryptocurrencies on it.
However, Shiba Inu had previously not made the list until now. The post announced that Shiba Inu investors would now be able to pay using their SHIB tokens as long as they hold a Binance card. The new support will bring SHIB payments to more than 60 million merchants worldwide, where the Binance card is accepted for payments.
Using Shiba Inu with the Binance card also carries some mouth-watering perks for the users. Holders can get up to 8% cashback and enjoy zero annual and FX fees on the card.
We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.
You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https://t.co/0Xj7IXPyt0pic.twitter.com/FqINtnHFWx
— Shib (@Shibtoken) August 5, 2022
Shiba Inu was not the only cryptocurrency added to the Binance card. The crypto exchange announced that it was further expanding its card offering by allowing users to pay with two other cryptocurrencies, namely Ripple (XRP) and Avalance (AVAX).
The addition of these coins has brought the total number of cryptocurrencies accepted on the Binance card to 14. These include Bitcoin (BTC), Ethereum (ETH), and BUSD, among others. The exchange added that there would be Payment Priority changes due to the addition of the new cryptocurrencies. Users can carry on using their Binance card as they always have.
#Binance Card has added $XRP, $SHIB and $AVAX to the list of supported cryptocurrencies.
Find out more ➡️ https://t.co/NF53ujOceNpic.twitter.com/xLmuUrB9N8
— Binance (@binance) August 5, 2022
Binance card is still only available to EEA residents and Ukrainian refugees in EEA areas for now. Additionally, users need to have a minimum of six cryptocurrencies on their Priority List, while they can list up to a maximum of 12 cryptocurrencies.
The addition of these three tokens to the Binance card payments has been well received by their community. In a bear market such as this, the adoption of tokens can often make all the difference, especially for holders who remain hopeful that prices will recover.
SHIB price falls to $0.000011 | Source: SHIBUSD on TradingView.com
Featured image from Crypto Consulting, chart from TradingView.com
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