- Binance has announced the launch of Bifinity, its fiat-to-crypto payments technology firm which it says will allow businesses to easily adopt crypto payments.
- Bifinity has already announced partnerships with EQONEX Ltd, Paysafe and Checkout.com, all of which it hopes will help it to expand its service offerings.
The world’s largest cryptocurrency exchange is seeking to grow its footprint even further, launching its own fiat-to-crypto gateway today. Binance has announced the launch of Bifinity, which it says will enable businesses to easily adopt crypto payments.
In its press release today, Binance described Bifinity as “a payments technology company and its official fiat-to-crypto payments provider.”
At launch, Bifinity has already struck a partnership with EQONEX Limited, a NASDAQ-listed digital asset firm that also operates an exchange. EQONEX offers trading services, institutional-grade digital asset investment solutions and more.
Under this partnership, EQONEX will inject $36 million into Bifinity and work to maximize business synergies that seek to expand both businesses.
Bifinity has also partnered with two popular payments platforms – Paysafe and Checkout.com. The focus of this partnership will be on Web3 and expanding crypto access globally by enabling seamless buying and selling of crypto across various platforms. At launch, the partnership will avail over 50 cryptocurrencies to users.
Helen Hai, the president of the newly-formed unit, believes that Bifinity was the solution that the market has been yearning for, commenting:
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.
The area of focus for Bifinity will be providing easy-to-use APIs that require minimal expertise to integrate into any payment system. This will allow any merchant to easily set up a crypto payments rail.
Max Rothman, the VP of crypto at Checkout.com believes that e-commerce will continue to outpace traditional commerce as the world becomes more Internet-connected. As such, the integration of crypto and NFTs will be a great avenue for growth. Already, Checkout.com powers about 80 percent 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, and enabling them to seize the great Web3 opportunity that lies ahead,” he commented.
Bifinity will also have a focus on regulatory compliance, with Binance planning on integrating fraud detection in the near future. The exchange has been at odds with regulators globally for its failure to comply with rules in several jurisdictions.
Related: Regulatory crackdowns are an advantage for Binance: CZ