Cryptocurrency exchange Binance reported the launch of its fiat-to-crypto payment provider called Bifinity.
According to a statement from the platform, the solution supports more than 50 cryptocurrencies. In addition, it supports major payment methods including Visa and Mastercard.
“Powered by Binance, Bifinity is a payments technology company that connects businesses, merchants and millions of users to the world of cryptocurrencies and blockchain,” highlighted Binance.
Service for merchants and consumers
According to Binance, the solution will allow merchants to use intuitive APIs to prepare their trades to accept cryptocurrencies. At the same time, consumers will have access to services for buying and selling cryptocurrencies more easily.
Binance further said that Bifinity will partner with leading providers of cryptocurrency wallets and blockchain platforms, including Safepal and Ziliqa. The goal is to offer fiduciary solutions on and off the ramp to its user base.
“As the crypto and Web3 economy continues to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional financial sector and the decentralized, centralized crypto economy,” said Helen Hai , president of Bifinity.
The executive further added that, at Binance, the vision is to increase the freedom of money globally, accelerating the mass adoption of cryptocurrencies.
Partnerships to expand access to cryptocurrencies
In the midst of efforts to build Web 3.0, Bifinity has partnered with Paysafe, a specialist payments platform, and Checkout.com, a leading global payment processor. As highlighted by the exchange, the intention is to expand access to cryptocurrencies globally.
About the partnership, Max Rothman, Vice President of Crypto at Checkout.com, stated:
“We expect global e-commerce to continue to outpace traditional commerce growth. Especially with the adoption of cryptocurrencies and NFTs. Our payment rails already power the world’s leading cryptocurrency exchanges, accounting for nearly 80% of global trading volume. That’s why our partnership with Bifinity and the Binance platform is so important.”
Through these partnerships, Bifinity will upgrade its on-ramp payment processing infrastructure. This includes future plans to integrate improved fraud detection and payment transactions.
In addition, Paysafe will provide Bifinity with regulatory knowledge of fiat-to-crypto payments and an embedded financial solution that acts as a digital wallet.
Bifnity will work with Paysafe to expand into Latin America. More in the future, Bifinity will release NFT checkouts. The service will allow users to buy NFTs on different platforms by linking their DEX wallets.