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Binance, the world’s leading crypto exchange, has announced its integration with x402, a Coinbase-backed protocol. This marks a major development in the integration of decentralized finance (DeFi) and traditional web interactions.
Binance Wallet launches x402 Llist
As spotlighted by Wu Blockchain, the Binance Wallet launched the x402 list under the Market tab. Noteworthy, the x402 list on Binance Wallet is a curated collection of tokens that are associated with the x402 protocol.
Through the integration with Binance Wallet, users can discover new tokens that are compatible with or relevant to the x402 protocol.
They can also engage in trading these tokens directly within the wallet, leveraging the protocol's capabilities for micropayments and instant settlements.
The x402 protocol, developed by Coinbase and other collaborators, is designed to facilitate micropayments over the internet using HTTP, the standard protocol for web communications.
It allows users to make payments without needing to create accounts, manage API keys or subscribe to services, simplifying the payment process.
In addition, x402 enables small, real-time payments, making it ideal for scenarios where traditional payment methods might be impractical due to their overhead or delay.
In addition, payments are settled almost instantly, contrasting with traditional financial systems that might take days.
However, the protocol is not tied to any specific blockchain, allowing flexibility in the choice of cryptocurrency or token used for payments.
Overall, users benefit from a seamless experience where they can pay for content or services, without the hassle of traditional account-based systems.
Binance faces criticism
The launch of the x402 list on Binance, however, stirred negative reactions within the crypto community. Several individuals are questioning why Binance is listing more or less reputable coins.
They pointed out that Binance Alpha is already enough to give smaller projects the visibility they need to attract investors.
One X user even highlighted the dominance of Binance in the crypto space. According to the user, Binance is the biggest crypto exchange right now, urging the exchange to stop promoting bundles and rugs.
Meanwhile, this is not the first time Binance has faced criticism related to token listings. Recently, Binance cofounder Changpeng Zhao commented on the exchange’s listing fee controversy. Zhao insisted on market freedom and project accountability.
He argued that strong crypto projects do not need to pay exchanges to be listed. Rather, he claimed they attract listings due to their trading volume and user count.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team