Latest news with #RichardTeng
Hindustan Times
5 days ago
- Business
- Hindustan Times
Blockchain's Transformation from Niche Novelty to Everyday Utility
"Bitcoin: A Peer-to-Peer Electronic Cash System,' Satoshi Nakamoto's 2009 white paper outlining the concept of a decentralized, peer-to-peer payment system alternative to the traditional financial system, was hardly an overnight success. Yes, while the document gave way to Bitcoin's launch later that year, it wasn't until 2010 that Bitcoin was first used for a real life transaction. However, in the years that followed, Bitcoin's usage as a payment method, as well as use cases for crypto and blockchain technology, grew exponentially. In a recent interview, Binance CEO Richard Teng reflected on how much crypto has evolved, noting that 'Fifteen years ago, crypto was about buying a pizza. Today, it's about building robust payment systems, stablecoins, and real-life use cases that change lives.' The evolution of crypto is far from over, as developers and other innovators continue to expand and enhance the blockchain infrastructure. Adoption and usage of cryptocurrencies also continues to grow as well. Initially, Bitcoin's user base skewed toward the tech savvy, particularly among the tech savvy whose political philosophy matched up well with the decentralized nature of cryptocurrencies and the blockchain. However, as the 2010s progressed, crypto's user base began to steadily widen. The reasons for this are many fold. For one, access, availability, and education about cryptocurrencies increased significantly during this time frame. The rise of user-friendly crypto exchanges like Binance played a major role with this factor. The community of active cryptocurrency users also expanded demographically during this time. Largely, due to crypto's strengths as an alternative to traditional banking services, particularly in countries where access to traditional banking remains limited. Yet even as blockchain economy participants grew from just a handful at the onset, to hundreds of millions of users worldwide by 2020, by-and-large mainstream financial institutions and institutional investors stayed on the sidelines, due to the space's underdeveloped regulatory framework. It wasn't until starting last year, when regulatory clarity in markets like the U.S. and Europe, started to emerge. Once this happened, crypto made a full leap into the financial mainstream. Crypto usage has come a long way from the famed pizza order that first demonstrated its real-world utility. Today, scores of large and small businesses worldwide accept cryptocurrencies as a payment method. Some countries, most notably El Salvador, have even officially made Bitcoin legal tender. As usability increases so has the value of Bitcoin at each Pizza Day. Demand for the availability of crypto-based payment options among consumers continues to rise as well. With this, the number of retailers accepting crypto as a payment method is expected to increase dramatically going forward. According to a recent survey from a major U.S.-based bank, while just under 15% of retailers accept crypto as a payment method, 75% of retailers noted that they plan to begin accepting either stablecoin and cryptocurrency payments within the next two years. As individuals continue to adopt crypto- based payment methods for the first time, more and more people are discovering their everyday utility. Based on a recent survey of Binance users, it's clear that using crypto for payments is far from a complex and cumbersome process. Take, for example, the experience of Sergio, a Mexican Binance user who detailed his experience using crypto for the first time to pay a restaurant bill. As Sergio noted, his usage of BNB as a payment method allowed him to see how 'simple and practical' crypto can be as a payment method. Dubai-based Codi reported a similar experience, when he used crypto to pay for a restaurant order while on vacation in Turkey. According to Codi, not only was his payment via stablecoin USDT 'incredibly convenient;' the exchange rate using this method was more favorable than what his local bank offered. In the case of Vietnamese crypto user Andy, we can see that not only are crypto-based payments anything but complicated, they can be a useful solution in a jam. If not for his crypto account, Andy wouldn't have been able to make an urgent cross-border payment. As awareness of this 'simple and practical' alternative continues to grow, the transformation from niche novelty to everyday utility will continue. Note To Readers: Hindustan Times/HTDS shall not, in any manner, be responsible or liable for the content of the article, advertisement, including the views, opinions, announcements, declarations, or affirmations expressed therein and is absolved from any legal action or enforceable claims. This content is for informational and awareness purposes only and does not constitute financial advice. Want to get your story featured as above? click here!
Yahoo
22-05-2025
- Business
- Yahoo
Binance Pay integrates with Brazil's Pix for instant crypto payments
Binance has integrated its payment platform, Binance Pay, with Brazil's Pix system to facilitate cryptocurrency transactions in Brazilian reais. This integration enables Binance users in Brazil to conduct direct transfers from their exchange accounts to any local bank account or merchant accepting Pix. This initiative supports over 100 cryptocurrencies, allowing for instant conversion and transaction completion within seconds. Pix, an instant payment solution, was launched by the Central Bank of Brazil in 2020. Binance CEO Richard Teng said: "Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil's instant payment system with the global reach and innovation of Binance. This synergy empowers users with seamless, real-time transactions, enhancing the crypto experience and driving financial inclusion to new heights." Binance Latin America regional vice president for Guilherme Nazar added: "This is a significant milestone because it is the first time Binance Pay is integrated into a national payment system in the world. 'It allows our users in Brazil to use their cryptocurrencies for payments at any commercial establishment and to anyone in the country, quickly, safely and easily, using a system they are already familiar with.' Binance Pay is a cryptocurrency payment feature on the Binance app, enabling users and merchants to pay, send and receive crypto globally. The payments network supports in over 300 cryptocurrencies for more than 40 million active users and 32,000 merchants, to date. Binance serves over 270 million people across more than 100 countries. Earlier in the month, the company signed a memorandum of understanding with the National Agency for Investments of the Kyrgyz Republic, aiming to bolster the growth of digital assets in the region. "Binance Pay integrates with Brazil's Pix for instant crypto payments " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNN
22-05-2025
- Business
- CNN
Top business news
CNN's Becky Anderson sits down with Binance's CEO, Richard Teng, earlier this month. for CNN's new series "Intelligent Future"-- focused on how technology is revolutionizing our world today and reshaping the way we will live tomorrow.
Finextra
21-05-2025
- Business
- Finextra
Binance integrates with Brazil's Pix payments system
Binance Pay has integrated with Brazil's Pix system to enable people to use crypto to make instant payments in reais. 0 Binance users in Brazil can now make instant transfers and payments directly from their accounts on the Binance exchange to any bank account or pay merchants accepting Pix. The value of the digital asset is instantly converted to Brazilian reais with transactions completed in seconds. Supporting over 100 cryptocurrencies, Binance says the integration brings crypto into everyday life for the tens of millions of Brazilians that use the wildly popular central bank-run Pix payments platform. Richard Teng, CEO, Binance, says: "Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil's instant payment system with the global reach and innovation of Binance."
Hindustan Times
19-05-2025
- Business
- Hindustan Times
Crypto Utility is Driving Financial Inclusion in Emerging Markets
Although institutional adoption remains on the rise, in major economies such as the United States, cryptocurrencies continue to be viewed as a highly speculative asset class. However, in the world's emerging markets, adoption of cryptocurrency has been driven more strongly by necessity rather than speculative frenzy. Blockchain technology has been a game-changer for the world's underbanked, who prior to the emergence of the Web3 economy, were underserved by the traditional financial system. With this, it's no surprise that the countries most rapidly adopting cryptocurrencies for everyday use are primarily those in the developing world. Crypto industry leaders like Binance have been investing heavily in solving the globally unbanked problem for several years. After re-entering the Indian cryptocurrency market last year, Binance is in the process of entering other emerging markets where cryptocurrency use is on the rise and there's a significant need for financial services. In a recent fireside chat at the Token2049 conference, Binance CEO Richard Teng explained his vision for global financial meritocracy, 'At Binance, we're breaking barriers to empower the 1.7 billion unbanked worldwide through intuitive tools, regulatory collaboration, and open access. Financial freedom shouldn't be a privilege.' If other such institutions and investors follow suit, it could create an outcome that both produces positive financial returns, while at the same time fostering a continued increase in financial inclusion. In the United States, cryptocurrencies have entered the financial mainstream over the past year. The launch of products like spot Bitcoin exchange-traded funds (ETFs) have led to an inflow of institutional and retail capital into this asset class. However, when it comes to adoption of crypto outside the U.S. and other developed economies, the focus is less about investment, and more about functional use. For one, in emerging markets, cryptocurrencies have emerged as a solution to a longstanding problem: limited access to banking. Per the World Bank, around 1.7 billion of the world's population remains unbanked, or without access to essential banking services. But while this figure remains astonishingly high, rising access to crypto-based alternatives to traditional personal and business banking products has helped to mitigate this issue. It's no coincidence that Indonesia, Nigeria, the Philippines and Vietnam, four of the top ten countries on the Global Crypto Adoption Index, are also some of the most underbanked countries in the world. That's not all. Through crypto stablecoins like USDT, those in emerging markets now have access to both a hedge against local hyperinflation, as well as a faster and less expense means to conduct cross-border transactions. Since 2024, there's been increased discussion regarding 'regulatory clarity,' or the implementation of regulatory frameworks that enable the blockchain economy to integrate fully with the mainstream financial system. Yet while much of this 'regulatory clarity' talk has been about recent and anticipated future changes in U.S. cryptocurrency regulations, it should be noted that 'regulatory clarity' is indeed a global phenomenon. Per a recent study from the Atlantic Council of 60 countries, including both those with advanced as well as emerging market economies, 70% of them are currently making substantial changes to their regulatory framework. As these changes are by-and-large accommodative to industry growth, standardization of crypto regulation worldwide stands to further open up access and availability to crypto-based financial services in emerging markets. The high amount of underbanked and unbanked populations in these markets points to strong demand for crypto-related services. But while some forward-thinking institutions have started to take notice, awareness of this fact is still far from widespread. As a result, it may be underinvestment, not a lack of demand or 'regulatory clarity,' that is limiting crypto's potential to increase financial inclusion. Crypto and blockchain venture capital (VC) investment continues to skew heavily towards startups based in the United States and other advanced economies. In emerging markets, crypto-based startups face greater challenges securing growth capital. Again, while some firms have started to see the opportunity here, greater awareness, and in turn greater investment, is likely necessary for this trend to continue, if not accelerate in pace. While there may be hesitancy among mainstream venture capital investors to invest in emerging markets, due to various jurisdictional-related risks, high demand for such services may provide sufficient potential reward to outweigh these risks. If VC firms and other investors increase their focus on emerging market startups, it may just well produce a 'win-win' scenario for both parties. Investments in emerging market crypto ventures could experience rapid growth, thanks to a high potential customer base of underbanked and unbanked customers. The underbanked and unbanked, in turn, stand to benefit from increased financial inclusion, including greater access to the global market, which could help drive economic growth in their respective countries. Readers are advised that Crypto products and NFTs are unregulated and involve significant risks. There may be no regulatory recourse for losses arising from such transactions. Hindustan Times/HTDS shall not, in any manner, be responsible or liable for the content of the article, advertisement, including the views, opinions, announcements, declarations, or affirmations expressed therein and is absolved from any legal action or enforceable claims. This content is for informational and awareness purposes only and does not constitute financial advice. Want to get your story featured as above? click here!
