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Analysis & Opinion

Buy Goods and Services using Binance Coin (BNB) via Spend App from more than 40 Million Merchants

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Spend is a multicurrency wallet and through their intuitive, easy to use Spend App, clients can securely store and spend their digital assets straight from their smart phones or through the convenient Spend Visa card which is supported in more than 40 million merchants across the globe. Now, Spend users have a reason to smile thanks to latest news that the company will activate Binance Chain on the Spend App allowing Binance Coin (BNB) deposits and withdrawals. Going forward, Spend users can create a secure, BNB address straight from the Spend App.

Attractive Features

Even so, a stand out is what Spend allows their customers to do. There is complete autonomy and to ensure complete freedom, Spend Visa Card holders can buy over 16 cryptocurrencies and send fiat to 180 countries across the world because they have full access of their bank account.

Apart from that they can instantaneously convert their digital asset to local fiat at the point of sale allowing expenditure thanks to their Spend Authorization Engine (SAE). Anchoring the success of this application is guaranteed security as they use “PCI DSS Level 1 that protects sensitive personal information and prevents unauthorized use by using leading encryption methods and security.” Besides, all fiat funds are held at “licensed payment and financial institutions” guaranteeing safety.

Binance Chain and DEX

If anything, the activation of Binance Chain straight off the Spend App allowing expenditure of BNB in more than 180 countries is a big step towards propelling BNB into the mainstream. Since Binance has successfully launched their mainnet amid all the expansion within the Binance ecosystem, the activation will go a long way in building an exchange world where the chain is easy to use but can handle very heavy loads according to Changpeng Zhao, the CEO of Binance which in turn is the world’s largest exchange by adjusted volumes. With a token swap converting ERC-20 tokens into Binance Chain’s BNB successful, the exchange will also spread out, launching the first of the kind DEX which will revolutionize crypto trading should it succeed where others have failed.

Despite all the praise, it should be noted that users are in full control of their coins and as the exchange seeks to build up liquidity, it is also vulnerable to algorithmic trading exploitation exploiting on high latency and therefore opening up doors for front running, a weakness that has been plugged in centralized exchanges. Even so, Binance can successful tame this manipulative tactics by building user bases, pumping liquidity as well as mobilizing their financial resources. Here’s what Jeff Dorman, Chief Investment Officer of Arca advice while speaking to Forbes on how Binance can successfully run a DEX:

“They can incentivize market makers to provide liquidity since they already have a huge user base and liquidity pool, they won’t be reliant on Ethereum (which solves the speed problem) and they have already proven to be amazing with UI/UX which will allow for a seamless transition for its customers from its current centralized exchange to this new DEX.”

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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