Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has today announced the launch of Bifinity as its official fiat-to-crypto payments provider.
Powered by Binance, Bifinity is a payments technology company that connects businesses, merchants and millions of users to the world of crypto and blockchain. Merchants can use Bifinity’s intuitive APIs to get their business crypto-ready. At the same time, consumers g more user-friendly buy-sell crypto services and entry points.
“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 traditional finance 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.
Bifinity supports:
Over 50 cryptocurrencies globally
All major payment methods, including VISA, Mastercard and more
Buy to sell crypto service for consumers
Simple, intuitive and seamless API integration for merchants
Low cost payment processing fees for merchants
Top-tier KYC onboarding process
Bifinity will also partner with leading crypto wallet providers and blockchain platforms, including Safepal and Ziliqa, to offer fiat on and off ramp solutions for their user base.
Building Web 3.0 with Payment Leaders
Cryptocurrencies will eventually power the economy for Web 3.0, the internet’s latest iteration. As part of efforts to build the Web 3.0 economy, Bifinity is partnering with EQONEX, the first digital asset firm to be publicly listed in the U.S; Paysafe, a leading specialized payments platform; and Checkout.com, a leading global payments processor.
EQONEX
Chi-Won Yoon, Chairman of EQONEX said today, “We are extremely pleased to team up with Bifinity in a partnership that is likely to be transformational for both companies and for the industry at large. 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, regulatory oversight, security and governance. This transaction marks the next logical step in our company’s evolution, representing an important opportunity to grow our footprint and expand our regulated offerings for the benefit of our customers and shareholders.”
Checkout.com
"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."
Paysafe
Philip McHugh, CEO, Paysafe, said: “We have been very impressed by Binance’s commitment to grow as an evolving and maturing business and have witnessed first-hand their incredibly strong and positive customer engagement as they focus on delivering a payments service that consumers want. We’re very proud to partner with them, and we’ve already got off to a strong start with the successful delivery of a white label Bifinity wallet solution and we’re now working on some further exciting opportunities together. For us, this partnership is a great example of how we help our customers overcome payments pain points and grow.”
Through these partnerships, Bifinity will upgrade its on-ramp payment processing infrastructure. This includes future plans to integrate enhanced fraud detection and payment transacting. Additionally, Paysafe will provide Bifinity with a deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white label digital wallet. The embedded finance solution has already strengthened Bifinity’s on and off ramp capabilities and reactivated their SEPA bank transfers and Faster Payments.
Future Plans
Through Paysafe, Bifinity plans to expand into Latin America, where it has a market-leading real time payments service. In the UK and Europe, Bifinity will integrate Paysafe’s card processing service over the next couple of months. On the NFT front, Bifinity will soon launch NFT checkouts, which allow users to buy NFTs across different platforms by linking their DEX wallets.
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