Binance has recently launched a new feature named Binance Pay WooCommerce plugin, which enables vendors to accept payments in Shiba Inu on their WordPress websites. This payment feature is tailored to support all WordPress stores.
As WordPress powers over 40% of all websites on the internet, this step allows Binance to offer Shiba Inu as a payment alternative to a significant percentage of websites worldwide. Additionally, this move will assist merchants in expanding their customer base and reducing transaction expenses. Binance has officially announced this development on their Twitter account.
The WooCommerce Plugin
Through the WooCommerce plugin, the vendors can also choose to accept different cryptocurrencies supported by Binance Pay, besides Shiba Inu, as a mode of payment. Binance Pay supports a wide range of over 70 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), and more.
Some businesses supporting Binance Pay include Travala.com, Romania’s biggest ticketing platform Entertix, Ukrainian food chain retailer Varus, etc. This development comes less than a month after Binance partnered with international payment service ivendPay. The partnership allows Binance Pay users to pay for goods and services across over 400 merchants using their Shiba Inu tokens.
Binace Supporting Shiba Inu
Binance has been promoting the usage of Shiba Inu as a payment option for quite some time now. Shiba Inu was incorporated into Binance Pay’s roster of accepted cryptocurrencies in November 2022, providing customers the ability to make purchases with the digital asset at stores and businesses that accept the payment platform.
The market capitalization of Shiba Inu has experienced significant growth last year, reaching a peak of more than ten times its value in October 2021, resulting in a market capitalization of $41 billion. Although it has since declined to $5.9 billion as of May 2023, Shiba Inu still remains one of the top ten meme cryptocurrencies.
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