Binance has officially announced the launch of its own payments company, called Bifinity.
Bifinity, the payments company of Binance
Bifinity in particular will be the exchange’s main provider of fiat-to-crypto payments.
It is precisely fiat-currency payments that have been one of Binance’s problems lately, so much so that the company has even been forced to temporarily block them in some countries.
The new company should solve these problems by complying with all relevant regulations.
Bifinity will support over 50 cryptocurrencies, which can be purchased with payments from VISA, Mastercard and others, and will require mandatory KYC. It will also offer API integration for both traditional and e-commerce merchants.
This will make it easy for anyone to start accepting cryptocurrency payments while cashing in fiat currency.
The new company also promises low commissions specifically for merchants.
Bifinity will also work with leading crypto wallet providers and blockchain platforms, including Safepal and Zilliqa, to offer them fiat currency services.
Binance wants to expand its payments company globally
The Bifinity partnership to expand globally
In addition, it is already working with Paysafe and Checkout.com to extend access to the crypto world globally to as many people as possible.
Together with Paysafe, it will expand into Latin America, where Paysafe has a market-leading real-time payments service, and into Europe and the UK, where it will integrate Paysafe’s card processing service in the next couple of months.
It will also soon launch an NFT checkout, which will allow users to purchase NFTs on different platforms by linking their DEX wallets.
Bifinity president Helen Hai said:
“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”.
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