Binance creates payment business Bifinity to provide merchants with fiat-to-crypto payment services. Bifinity is already forming strategic alliances in the cryptocurrency market.
Bifinity Payment Launches
Binance, a leading cryptocurrency exchange, has announced the creation of Bifinity, a payments startup that will enable customers to make fiat-to-crypto payments.
According to a March 7 press release, Bifinity will offer on/off ramp solutions that will simplify crypto adoption by new businesses and individuals. Merchants and enterprises of all sizes will be able to simply integrate thanks to Bifinity’s user-friendly API.
“As the crypto and the Web3 economies continue to grow, we see greater demand to build improved fiat-to-crypto on and off ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy” says Helen Hai, President of Bifinity. “Binance’s vision is to increase the freedom of money globally and through the launch of Bifinity, and with these strategic partnerships with EQONEX, Paysafe and Checkout.com, we aim to accelerate mass crypto adoption.”
Hai is referring to Bifinity’s cooperation announcement with EQONEX Limited (NASDAQ: EQOS). The digital asset organization provides a variety of services, including regulatory-compliant trading, institutional-grade digital asset investment solutions, and high-security crypto and digital asset custody.
Chi-Won Yoon, Chairman of EQONEX, stated:
“Bifinity shares our strong belief in helping to bridge the world of traditional finance with cryptocurrencies, as well as our conviction to operate to the highest standards of investor protection, regulator oversight security and governance.”
Bifinity will become Binance’s official fiat-to-crypto payment processor, assisting in the onboarding of countless businesses and providers. This is not Bifinity’s only collaboration announcement; the company recently announced a relationship with Paysafe, a specialist payment platform.
“With the launch of Bifinity, they [Binance] are now taking their growth to the next level”, says Philip McHugh, CEO, Paysafe.
Checkout.com, a global payment processor, rounds off the cooperation announcements. Vice President of Cryptocurrency at Checkout.com Max Rothman continued:
“We expect global e-commerce to continue outpacing the growth of traditional commerce – especially with the adoption of cryptocurrencies and NFTs.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
