Binance Launches Payments Technology Company Bifinity

Leading cryptocurrency exchange company, Binance, has launched a new paytech platform Bifinity as the company’s official fiat-to-crypto payments provider.

Binance is one of the world’s leading blockchain ecosystem and cryptocurrency infrastructure providers available in many regions in the world.

According to Binance, Bifinity will connect businesses, merchants and millions of users to the world of Blockchain and Crypto. Merchants will be able to use the platform’s intuitive APIs to get their business ready for crypto integration and to start accepting crypto payments.

For consumers, they can use Bifinity to get access to more user-friendly buy-sell crypto services and entry points.

Speaking about the product, 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.”

Bifinity will support: 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 process fees for merchants and top-tier KYC onboarding process.

Binance also disclosed that it will also partner with Paysafe, a leading specialized payments platform; and Checkout.com, a leading global payments processor. The company also disclosed plans to expand into Latin America, where it has a market-leading real-time payments service.

Speaking about the partnership Philip McHugh, CEO of Paysafe revealed: 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.”

In the UK and Europe, Bifinity will also integrate Paysafe’s card processing service over the next couple of months as plans to launch NFT checkouts are still on the way.

Web 3.0 and cryptocurrency

As the world is slowly progressing to the next stage of the web – web 3.0 – many have speculated that cryptocurrencies will be the major payment option for most web services. Binance pivoting to provide a payment platform with top platforms like Paysafe and Checkout.com will undoubtedly provide crypto access globally and allow more users to buy and sell crypto using Binance’s Bifinity.