In an effort to restore its ability to use U.S. dollars, Binance.US has teamed up with MoonPay, a crypto payment company. This move follows Binance.US's shift to a crypto-only platform after facing banking issues two months ago. This partnership now enables users to purchase the U.S. Dollar-pegged stablecoin Tether (USDT), which can be used for transactions on the Binance.US platform.
On June 9, the crypto exchange lost its banking partners because of the "aggressive and intimidating" tactics from the U.S. Securities and Exchange Commission (SEC). The SEC had sued the exchange a few days earlier. As a result, the exchange had to find a new way to allow users to fund their accounts. Although direct bank deposits are currently not available, the exchange has partnered with a new option. Users can now use debit and credit cards, along with Apple and Google Pay, to fund their accounts.
This development holds special significance for Chandrayaan-3's landing, India's latest mission to the Moon. With the increasing commercialization of space exploration, there's a growing demand for a convenient, universally accepted currency. The collaboration between Binance.US and MoonPay could offer insights into how cryptocurrency transactions could work in space, where traditional banks are absent. This partnership might set an example for handling crypto transactions in such unique environments.
The idea isn't as outlandish as it might seem. Space missions thrive on global collaboration, but managing various currencies can be complex. Cryptocurrencies like USDT could streamline transactions, simplifying cooperation among nations for ventures like Chandrayaan-3. Furthermore, blockchain technology could provide a secure and clear method to monitor funding and resource distribution in these missions.
Earlier this year, the crypto space experienced a notable setback as some crypto-friendly banks, such as Silicon Valley Investment Bank, Silvergate, and Signature Bank, faced collapse. However, the recent partnership between Binance.US and MoonPay could indicate the crypto industry's ability to bounce back. This collaboration offers an alternative to traditional banking systems, highlighting the industry's resilience and adaptability.
As the whole world follows the Chandrayaan-3 landing, it's important to think about how progress in crypto technology might shape the future of space exploration and global cooperation. Binance.US's recent move could seem small in the crypto world, but it holds the potential to be a significant stride toward a more connected and streamlined global community.