PumaPay, an extensive cryptocurrency payment solution, announced the upcoming launch of V3.0, which will move its Ethereum operation to Binance Smart Chain (BSC), the first cryptocurrency payment solution to do so.
PumaPay to Building a Bridge Between Ethereum and BSC Networks
The migration to BSC includes building a bridge between the two networks that will allow more tokens and cryptocurrencies to be used for payments and tapping into new pools of liquidity through automatic swaps.
“With our new liquidity pools, bridge, and decentralization model, we believe PumaPay is creating, as the first crypto payment solution on BSC, a model system for others to follow should they opt to shift from Ethereum to Binance.”
Ethereum has long been considered the industry-leading platform in blockchain development and was not scalable for many developers. Due to the rising gas fee and slow block processing speed, the service that PumaPay offers its customers has become unsustainable on the Ethereum network. To maintain decentralization, improve payment flexibility and arrangements, and increase liquidity, PumaPay turned to BSC to extend the existing arrangements for its customers.
PumaPay uses the Pull Payment Protocol, which converts the peer-to-peer system of crypto payments from a push protocol to a pull protocol. PullPayment offers the unique merchant functions of PumaPay, e.g. recurring billing. PumPay’s unique recurring billing model is the only BSC payment solution that offers this option. Merchants can bill for subscriptions, top-up, provide customized dynamic prices and make direct debit payments.
Additional Options the Crypto Payment Solution Wants to Offer
In addition to faster transaction speeds and cheaper gas fees, the new platform on BSC also offers a multitude of new options for customers and users of the Binance Smart Chain:
Community 3.0: PumaPays V3.0 will include bottom-up measures that allow greater community involvement to promote the project through ambassadors and referral opportunities.
Total decentralization: Transfer transaction processing responsibilities to the network “executors” who are paid by the merchants to foster a more decentralized crypto payments ecosystem. Traders can run Executor Nodes, which saves them money and allows them to benefit from processing other traders’ transactions.
Extensive variety of tokens: With PumaPay tokens (PMA) as intermediate tokens, merchants can select the accounting currency of their choice for each accounting model and users can use various tokens supported by BSC. Merchants and users do not understand each other’s coin choices.
Liquidity pool: To support a wider range of digital payment currencies, PumaPay has introduced a liquidity pool to realize the exchange between PumaPay tokens and other cryptocurrencies. Liquidity providers receive swap fees.
Yoav Dror, CEO of PumaPay, said:
“We are excited for the new V3.0 vision, our move to Binance Smart Chain, and the latest upgrades that we can offer to merchants who use our payment solution. With our new liquidity pools, bridge, and decentralization model, we believe PumaPay is creating, as the first crypto payment solution on BSC, a model system for others to follow should they opt to shift from Ethereum to Binance.”