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Binance launches its fiat-to-crypto payment provider, Bifinity

Bifinity launched with a number of partnerships including leading crypto wallet providers and blockchain platforms.

Binance Exchange, the world’s largest trading platform, has announced the launch of Bifinity, a new offshoot that will act as the exclusive fiat-to-crypto payment provider. After to Binance, the new fork will provide seamless API integration for mainstream and crypto traders to scale their businesses.

While Binance has often used third-party payment gateways in the past, the Bifinity offshoot will now not only support the trading platform, but also other companies looking to integrate crypto payments. As previously mentioned, Bifinity will support over 50 cryptocurrencies as well as major payment methods including VISA Inc (NYSE: V) and Mastercard Inc (NYSE: MA), among others.

“As the crypto and Web3 economies continue to grow, we see greater demand to build enhanced fiat-to-crypto gateways to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy. At Binance, the vision is to increase the freedom of money worldwide. With the launch of Bifinity, we aim to accelerate the mass adoption of crypto,” said Helen Hai, President of Bifinity.

In addition to serving businesses through its API services, Bifinity will also be useful to consumers who will have access to more user-friendly buying and selling crypto services and entry points. The new fiat-to-crypto payment solution that Bifinity will offer will be billed with extremely low payment processing fees for merchants. The Bifinity services are also offered after users have gone through a very thorough know-your-customer (KYC) process.

Bifinity powered by Binance Exchange leverages multiple partners

Powered by the Binance trading platform, Bifinity launched a series of partnerships that include leading crypto wallet providers and blockchain platforms such as Safepal and Zilliqa to offer fiat on- and off-ramp solutions to their user base.

As the payments startup launches with the knowledge that digital currencies will be at the heart of the emerging Web 3.0 economy, Bifinity is expanding its planned partnerships with other mainstream players with the same agenda.

Paysafe and Checkout.com are among the additional payment processors that Bifinity has integrated to boost global access to digital currencies.

“We expect global e-commerce to continue to outpace the growth of traditional commerce – particularly through the adoption of cryptocurrencies and NFTs,” said Max Rothman, VP of Crypto at Checkout.com. “Our payment rails already power the world’s top crypto exchanges, which account for almost 80% of global trading volume. And that’s why our foundational partnership with Bifinity and the Binance platform is so important. Together we are lowering the barrier to entry for merchants accepting and executing their first cryptocurrency transactions, enabling them to capitalize on the great Web3 opportunity that lies ahead.”

With the planned partnerships, Bifinity will leverage these companies to power its future platform upgrades, which will include the integration of enhanced fraud detection and payment processing. In addition, the new payment gateway will leverage the technical expertise of its partners to comply with deep regulatory requirements.

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Benjamin Gottfried

Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to drive mainstream adoption and global integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey is a sports and farming enthusiast.

https://www.coinspeaker.com/binance-launches-bifinity/ Binance launches its fiat-to-crypto payment provider, Bifinity

Caroline Bleakley

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