SPACE ID has introduced a new feature called Payment ID aimed at simplifying the process of crypto transfers across different platforms.
What is Payment ID
Payment ID is a solution that simplifies cross-chain transfers between decentralized wallets and centralized exchanges. It allows users to utilize a simple, human-readable name as a deposit address on various platforms.
Advantages of the New Technology
With Payment ID, users can send assets to any CEX account using simple identifiers like 'jane@binance'. This significantly reduces the risk of errors when entering addresses and applying incorrect chains.
> **Harrison Seletsky, Director of Business Development at SPACE ID**, says: “Every year, crypto users lose millions of dollars due to errors in transfers. Sending crypto should be easier than traditional financial systems.”
Integration and Future Possibilities
Payment ID is already integrated into MetaMask via the SPACE ID Snap, allowing users to manually map deposit addresses on centralized exchanges. An automatic integration with Binance is expected soon, further simplifying the process by allowing users to link their ID to addresses upon login.
The launch of Payment ID by SPACE ID could significantly alter the approach to crypto transfers, prioritizing security and ease of use for users.
