PIP has launched its services in the Binance ecosystem in a bid to make it easier for users to make payments for Web2 services.
Web3 payment solution provider PIP, announced on Tuesday, August 16th, that it has launched its services in the Binance ecosystem, supporting Binance Coin (BNB) and Binance USD (BUSD) stablecoin-based transactions for Binance Smart Chain (BSC) users.
According to the press release shared with Coinjournal, the team said the PIP Extension product would provide the advanced service that bridges the Web3 ecosystem between a range of connected Web2 social media platforms, the team added.
PIP enables users to create a unique PIP tag and then connect a supported social media account to streamline payments between PIP users.
With this solution, users don’t need to remember long wallet addresses, as sharing the tags simplifies the entire end-to-end process of sending payments, both micro and macro, affordably.
According to PIP’s CEO and Co-Founder, Jeff Baek commented that;
“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.”
PIP’s consumer-focused interface supports multiple popular cryptocurrencies and stablecoins. Thus, making it possible for social media users to seamlessly send payments and tips, whether transacting for goods or services or simply rewarding their favorite content creators.
The team wrote that;
“PIP delivers an inclusive monetisation channel for anyone who provides services and products. They can integrate the blockchain infrastructure into their businesses by sharing their PIP tags on their social media profiles or embedding PIP buttons on websites, which would be a more cost-effective and simple way to exchange values between them compared to legacy services.”
Furthermore, PIP interfaces with multiple popular Web2 social media platforms, including Twitter, Discord, Twitch, and Reddit, enabling users to allow their social media accounts to power payments, tips, donations, and more between social media users.
The team added that those users without a PIP account could even participate, accepting transactions through an escrow-based payment system.
PIP said it would extend its BNB and BUSD support to PIP.ME and PIP Button. PIP.ME is a customisable Web3 profile link that can be shared to accept payments, display or market user-owned NFTs, and also share content.
Meanwhile, PIP Button is a service designed to aid the monetisation of online activity by helping users generate a payment button for accepting cryptocurrencies without any coding knowledge.
PIP seeks to reduce the complexity and cost of crypto transactions by introducing simple consumer-geared interfaces, thereby improving financial inclusivity via Web3 technologies.
The team concluded that it intends to add support for other blockchains, tokens, and social media platforms as part of its roadmap over the forthcoming quarters.
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