The integration of Binance Pay into the Ronin crypto wallet mobile app marks a significant stride in facilitating seamless fund transfers for users. Developers of the app announced this new feature, allowing users to import funds directly from their Binance exchange accounts. Beyond the convenience of fund transfers, this integration enables the automatic conversion of cryptocurrencies like Bitcoin and Ethereum into Ronin ecosystem tokens, such as AXS and SLP from Axie Infinity.
Ronin adopts Binance Pay for convenience
Ronin operates as an Ethereum sidechain network designed specifically for crypto games, adding a layer of innovation to the crypto ecosystem. Despite the potential benefits, it’s essential to recognize that the Binance exchange currently does not list the platform’s primary token, RON. To acquire RON, users need to turn to decentralized exchanges (DEX). However, Binance does list SLP and AXS on its exchange, catering to users in select countries. As of now, the Binance Pay integration is exclusively available for the Ronin mobile app.
A test of the wallet browser extension on Chrome in the U.S. reveals limited options for depositing funds, primarily through Ramp or its blockchain bridge. This collaboration between Ronin and Binance Pay comes amid notable changes at Binance, with CEO Changpeng “CZ” Zhao recently announcing his intention to plead guilty to money laundering charges and step down from his role. Richard Teng has been appointed as the new CEO, and in response to these developments, users have withdrawn over $1 billion in funds from the exchange.
Growing in the industry amid regulatory shifts
Binance is gradually phasing out its services for customers in the U.S., emphasizing the global relevance of Ronin’s Binance Pay integration, particularly for mobile users outside the U.S. While Binance faces challenges, Ronin has experienced a surge in activity, evidenced by a threefold increase in active user numbers in early November. This heightened interest is attributed, in part, to the success of Pixels, a browser-based MMORPG that recently migrated to the Ronin blockchain.
Despite encountering challenges with bot users, Pixels achieved nearly $2 million in total NFT land sales across 1,300 transactions. The game also boasted daily unique active wallets ranging from the high five to low six figures. These statistics, sourced from CryptoSlam, DappRadar, and Ronin co-founder Jeffrey “Jiho” Zirlin, underscore the burgeoning potential of blockchain technology in the gaming sector. The integration of Binance Pay into the Ronin crypto wallet mobile app represents not only a technical advancement for users but also reflects the dynamic nature of the cryptocurrency industry.
As Binance undergoes organizational changes, partnerships like these contribute to reshaping the landscape. Ronin’s growth, particularly fueled by its association with games like Pixels, provides a compelling narrative of the expanding applications and increasing popularity of blockchain technology in diverse sectors, extending beyond traditional financial transactions.
