Binance Launches New Fiat-To-Crypto Payments Provider Bifinityby Fintech News Singapore March 8, 2022
Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, has announced the launch of Bifinity, a payments technology company and its official fiat-to-crypto payments provider.
Bifinity was established in 2021 and has been powering Binance‘s fiat-to-crypto on- and off-ramps, processing millions in transactions globally for Binance.com users and charging low payment processing fees to its merchants.
Its payments infrastructure connects businesses, merchants and consumers to the world of crypto and blockchain, including the buying and selling of crypto services and API crypto payments integrations.
The announcement comes as Bifinity also announced that it has entered into a strategic partnership with U.S.-based digital asset firm EQONEX.
Under the terms of the strategic partnership, Bifinity will advance a US$36 million convertible loan to EQONEX and will work together to maximise business synergies created by this new strategic relationship.
In addition, Bifinity announced that it has partnered with specialised payments platform, Paysafe and global payments processor, Checkout.com, to grow the Web3 economy by expanding cryptocurrency access globally and enabling users to buy and sell crypto safely.
From launch, users will be able to buy and sell more than 50+ cryptocurrencies through fiat on- and off-ramps in a fast, simple and secure way.
Through these partnerships, Bifinity will upgrade its on-ramp payments processing infrastructure, with future plans to integrate enhanced fraud detection.
Paysafe’s embedded finance solution, which acts like a white label Bifinity digital wallet, has already enabled Bifinity to reactivate SEPA bank transfers and Faster Payments.
Moving forward, through Paysafe, Bifinity will look to expand into Latin America where it has a real-time payments offering and is in plans to integrate Paysafe’s card processing service in the UK and Europe over the next few months.
“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.
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,”
said Helen Hai, President of Bifinity.