Cryptocurrency payment technology provider, Binance Pay and blockchain based healthcare relationship management platform, Solve.Care have announced a partnership to update healthcare payments and support the adoption of cryptocurrencies.

The collaboration between the healthcare sector and crypto industry marks a significant step in adoption and has the potential to provide greater access to healthcare by allowing over 70 cryptocurrencies to be used for payments.

With the decentralised healthcare platform from Solve.Care, users have access to Web3 digital health networks that support personalised care based on economic status, medical conditions, and other elements. They also offer Care.Wallet which can be used to collect SOLVE tokens that can be exchanged for healthcare services and products on the platform. At the same time, it gives users control of their transaction data.

Through this partnership Pradeep Goel, CEO of Solve.Care wants to eradicate payment complexities in the healthcare industry. He said: “Insurers, government programs, and varying fee structures often result in confusion and added administration for patients, providers, and payers. By integrating Binance Pay into Solve.Care’s Care.Wallet, we are taking a momentous step towards making healthcare payments more effortless and seamless for all our Care.Wallet users. The potential impact of this partnership is immense, considering the sheer scale of the healthcare industry, valued at over $8 trillion.”

Pakning Luk, Head of Global Business Development at Binance Pay, said: “Healthcare is a critical industry that impacts every individual around the world. Through this partnership, Binance Pay users gain access to a plethora of healthcare services worldwide, spanning medications, medical procedures, and physician fees through the use of cryptocurrencies. In this unique partnership with Solve.Care, we hope to propel the larger crypto industry to adopting crypto and its benefit through the use of the Care.Wallet, empowering users within one of the largest healthcare industries to embrace the future of borderless, secure, and frictionless payments.”

Despite the 2022 crypto winter, institutional and retail interest in crypto has grown, with governments positioning themselves as crypto hubs. The market value of all cryptocurrencies declined by 64% in 2022 to below $800 billion but bounced back in 2023 to reach $1.1 trillion on May 16, 2023.

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By GlobalData