Binance Launches Its Fiat-to-Crypto Payments Provider Bifinity

Binance Exchange, the world’s biggest trading platform in the world has announced the launch of Bifinity, a new offshoot that will serve as its exclusive fiat-to-crypto payments provider. According to Binance, the new offshoot will offer a seamless API integration for mainstream and crypto merchants 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 outfits looking to integrate crypto payments. As detailed, Bifinity will support over 50 cryptocurrencies as well as major payment methods such as VISA Inc (NYSE: V), and Mastercard Inc (NYSE: MA) amongst others.

“As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps 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 globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” said Helen Hai, President of Bifinity.

Besides serving entities through its API services, Bifinity will also come in handy for consumers who will have access to more user-friendly buy-sell crypto services and entry points. The new fiat-to-crypto payment solution Bifinity will offer is billed to come with extremely low-cost payment process fees for merchants. The Bifinity services will also be offered after users pass a very comprehensive Know-Your-Customer (KYC) process.

Binance Exchange-backed Bifinity Taps Multiple Partners

The Binance trading platform-backed Bifinity launched with a number of partnerships which includes leading crypto wallet providers and blockchain platforms, such as Safepal and Zilliqa, to offer fiat on and off-ramp solutions for their user base.

As the payment startup is kickstarting with the knowledge that digital currencies will be the heart of the emerging Web3.0 economy, Bifinity is extending its planned partnerships with other mainstream players with the same agenda.

Paysafe, Checkout.com are amongst the additional payment processors Bifinity has onboarded to help power the global access to digital currencies.

“We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs,” said Max Rothman, VP of Crypto at Checkout.com. “Our payment rails already power the world’s leading crypto exchanges, representing almost 80% of the 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 to accept and make their first cryptocurrency transactions, enabling them to seize the great web3 opportunity that lies ahead.”

With the planned partnerships, Bifinity will use these companies to power its future platform upgrades which will include the integration of enhanced fraud detection and payment transacting. Additionally, the new payment gateway will tap into the technical know-how of its partners to adhere to deep regulatory provisions.