The Embily financial infrastructure will be adding the Binance-Peg BSC-USD to its list of supported cryptocurrencies. Users will now be able to convert their assets to Binance-Peg BSC-USD to be used for everyday purchases.
Embily has incorporated support for the digital currency as part of its expansion across the network ecosystem. The company had previously announced the launch of an on-platform cryptocurrency purchase functionality directly through the service’s application online, with Bitcoin being the first coin supported. The addition of the Binance-Peg BSC-USD is just the latest update to the overall digital assets purchase package.
Binance-Peg BSC-USD is a decentralised financial payment network that rebuilds the traditional payment stack on the blockchain. It utilises a basket of fiat-pegged stablecoins, algorithmically stabilised by its reserve currency USDT, to facilitate programmable payments and open financial infrastructure development. As of December 2020, the network has transacted an estimated $299 billion for over 2 million users.
“We know that diversity plays an important role in the cryptocurrency market. Our clients should be able to choose which assets they want to convert and use. Our goal is to provide them with a convenient tool. The addition of the BSC-USD is part of our ongoing effort in this direction. We are also working on adding support for USDT TRX-20 at the moment, with others to be added in the near future,” states Embily CEO Alexander Bychkov.
The cryptocurrency purchase is available for all countries except for a few that are currently sanctioned. To take advantage of the service, users will first need to register on the Embily website and go through the standard KYC procedure. After successful verification, users can buy Bitcoin and BSC-USD through Embily accounts via VISA and MasterCard using any available currency.
Embily’s crypto banking services are currently non-custodial in that the company does not store the users’ cryptocurrencies. Instead, the funds are transferred directly to the buyer’s wallet. The company will launch a custodial wallet in November, 2022 that will allow users to safely store their cryptocurrencies.
The Embily ecosystem also offers a service for plastic and virtual crypto-friendly cards for EU residents in addition to the ability to buy cryptocurrencies by bank card online, OTC and other crypto processing services. Embily operates under Estonian licence in full compliance with legal requirements and global financial legislation.
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