MetaMask and Binance are teaming up with a cutting-edge cross-chain payments solution called Payment ID, powered by zero-knowledge proofs. This collaboration aims to streamline crypto transfers from decentralized exchanges to centralized exchanges, making the process more user-friendly and secure.
Payment ID, developed by digital identity platform SPACE ID, is already integrated with MetaMask and will soon be available for use with Binance as well. This innovative solution allows users to transfer assets between CEX platforms and web3 applications seamlessly, regardless of the address, chain, or wallet involved. According to SPACE ID, Payment ID simplifies cross-chain crypto transfers to the extent that it is as easy as using popular payment apps like Revolut or Venmo.
Harrison Seletsky, director of business development at SPACE ID, emphasized the importance of simplifying crypto transactions, stating, “Sending crypto should be easier than traditional financial rails, not harder. With Payment ID, we have finally found a solution to this problem, and it’s a simple one. One ID for every address, chain, and wallet. It’s as easy as Revolut or Venmo, and that’s what’s needed to bring mainstream users into web3 and retain them for the long term.”
The key feature of Payment ID is its compatibility with crypto exchanges like Binance, which offer user-friendly payment IDs that are easy to remember. By creating an ID linked to their Gmail or Yahoo account, users can avoid common pitfalls such as copy-paste errors, phishing scams, and sending funds to the wrong chain, potentially saving millions of dollars in losses.
Christian Montoya, network expansion product lead at MetaMask, praised the simplicity and convenience of Payment ID, stating, “Web3 is all about making payments easier, but complex blockchain addresses get in the way of that. SPACE ID’s novel Payment ID approach makes sending money as easy as sending an email. It’s a perfect example of the kind of innovation possible with MetaMask Snaps – bringing privacy-preserving, interoperable, human-readable identities to the most popular self-custodial wallet.”
In addition to the forthcoming integration with Binance, SPACE ID is exploring partnerships with other leading CEXs and web3 wallets. The platform’s identity solutions span across various chains, including Ethereum, BNB Chain, Arbitrum, and Story Protocol, with over 6.7 million registered domains and 2.7 million owners benefiting from its services.
With Payment ID revolutionizing cross-chain payments and simplifying crypto transfers, the collaboration between MetaMask, Binance, and SPACE ID is poised to enhance the user experience for crypto enthusiasts and newcomers alike.