Cryptocurrency exchange Binance has announced plans to become a “super app” for digital assets such as Bitcoin (CRYPRO: $BTC).
Binance says its next phase of growth will come from payments and financial services rather than cryptocurrency trading.
In a media interview, Shunyet Jan, Binance’s head of spot trading, said that the exchange is looking to morph into a cryptocurrency super app in coming years.
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“We’re trying to not just be a crypto exchange, but be a super app that involves payment,” said Jan. “If you think of us as a payment provider, then that number becomes much bigger.”
Jan said Binance’s new strategy reflects how people are increasingly using cryptocurrencies beyond trading and comes as stablecoins are used for payments and transfers.
Binance is not the first crypto firm to announce plans to develop a super app. Coinbase Global (NASDAQ: $COIN) said it too wants to eventually become a “super app” for consumers.
A growing number of banks and payment firms have also mused about developing a financial super app.
Binance has already expanded beyond the trading services it originally offers, adding products such as tokenized stocks, exchange-traded funds (ETFs), and financial services.
Jan said those products are part of a broader effort to build a single platform where users can trade, make payments, and access financial products without leaving the Binance ecosystem.
He said demand is particularly strong in emerging markets, where some users have limited access to banking services and investments.
Binance is privately held and its stock does not trade on a public exchange.
