Good news for Shiba Inu ($SHIB) fans: Binance Card holders can now pay for hotel stays in Georgia with $SHIB, thanks to a recent announcement by Binance Pay.
Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.
The Shiba Inu ecosystem comprises three unique tokens, each serving a different purpose. $SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.
On April 5, Binance, which is the world’s largest crypto exchange by trading volume, told its 10.3 million Twitter followers:
“Nothing like a week at the Radisson Hotel in Georgia, paid for fully with #Binance Pay! Thanks to our partnership with CityPay.io, users in Georgia can now spend crypto at over 600 merchants to purchase everyday goods and enjoy life’s luxuries.“
Binance Pay is a “contactless, borderless and secure cryptocurrency payment technology designed by Binance” that allows Binance users to “shop with crypto or send crypto to friends and family worldwide.” It features “zero fees” and “lightning fast payments”. Binance Pay added support for $SHIB on November 1, 2022.
On February 28, Binance said that thanks to a partnership between Binance and crypto payment gateway CityPay.io, which “creates high-tech system for businesses enabling them to receive customer payments in cryptocurrency,” Binance users in former Soviet republic Georgia can now pay with crypto at Wendy’s restaurants and at “more than 600 other vendors, including major hotels, restaurants, and supermarkets.”
As of 7:20 p.m. UTC on April 6, $SHIB burn tracker Shibburn is reporting that 410.63 trillion $SHIB tokens have been burned so far.
The burn rate mechanism was introduced in 2021 after Ethereum creator Vitalik Buterin burned 90% of his $SHIB holdings and donated the rest to charity. The Shiba Inu community has since continued the practice, gradually taking $SHIB out of circulation.
According to data from TradingView, on crypto exchange Coinbase, at 7:40 p.m. UTC on April 6, $SHIB is trading at around $0.00001109, up 36.39% vs. USD in the year-to-date period.
