Binance, the world’s largest cryptocurrency exchange by trading volume, is moving to push its payments technology from fiat to crypto by launching its own crypto payment provider.
The cryptocurrency exchange officially announced on Monday the launch of Bifinity, Binance’s official cryptocurrency fiat payment company to connect cryptocurrency service providers with the traditional financial system.
Bifinity supports more than 50 cryptocurrencies, including major currencies like Bitcoin (BTC) and Ether (ETH), as well as popular payment platforms like Visa, Mastercard, and others.
The new crypto payments platform specifically enables merchants and businesses to adopt and provide crypto services to their customers by offering crypto buy and sell services as well as crypto payment API integrations.
We are LIVE!
Learn about our services, and how we will be partnering with SafePal, Zilliqa, Paysafe, and https://t.co/QSB0QPYxFV to expand cryptocurrency access worldwide.https://t.co/PwlRt0JmfL#cryptocurrency #payments pic.twitter.com/IdFOLIoAXi
— Bifinity (@bifinity) March 7, 2022
It’s already underway!
Learn about our services and how we will partner with SafePal, Zilliqa, Paysafe and https://t.co/QSB0QPYxFV to expand access to crypto around the world.
As part of its initial push to bridge the gap between the cryptocurrency industry and traditional finance, Bifinity has partnered with several cryptocurrency companies, including Eqonex, a Nasdaq-listed digital asset investment firm.
Bifinity entered into a strategic partnership with Eqonex to provide a $36 million convertible loan to jointly expand the companies’ products, including Eqonex’s Digivault crypto custody solution, according to a separate Eqonex announcement. Bifinity will also have the right to nominate, from its company, Eqonex’s Chief Executive Officer, Chief Financial Officer and Chief Legal Officer, as well as nominate two positions on the Eqonex Board of Directors. Eqonex is known for offering Bitcoin investment products like BTC futures.
“This transaction marks the next logical step in the evolution of our company and represents an important opportunity to grow our presence and expand our regulated offerings for the benefit of our customers and shareholders,” said Eqonex Chairman Chi-Won Yoon.
In addition to Eqonex, Bifinity will partner with leading crypto wallet and blockchain platform providers, including Safepal and Ziliqa, to offer fiat in and out solutions to its customers. In addition, Bifinity is partnering with specialized payment platform Paysafe and global payment processor Checkout.com.
Bifinity President Helen Hai said that the demand to provide new fiat-to-crypto gateways has been increasing as “the crypto economy and the Web3 economy continue to grow”. “At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate the mass adoption of cryptocurrencies,” he noted.
Hai holds various positions at Binance so far, including the head of Binance’s non-fungible tokens and fan tokens division, as well as the head of global fiat exchange. At the time of this writing, her LinkedIn profile also shows that she is currently a director of the Binance charitable foundation and acting director of mergers and acquisitions.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.