The world’s largest crypto exchange Binance is now expanding its footprint further and launched its own fiat to the crypto payment provider. It has announced the launch of Bifinity, which will help businesses start using crypto payments.
In the press release, Binance mentioned Bifinity as being a payments technology company and their official fiat to the crypto payment provider. On its launch itself, Bifinity was able to strike a partnership with EQONEX Ltd, which is a NASDAQ-listed digital asset firm. It operates an exchange of its own. EQONEX provides trading services, institutional-grade digital asset investment options, and much more.
As part of this partnership, EQONEX will be able to insert $36 million into Bifinity and try to maximize the business processes that are going to help them grow. Bifinity has partnered with two major payment platforms, i.e., Paysafe and Checkout.com.
The partnership’s primary focus is to be on Web3 and expand the crypto access by allowing seamless buying and selling of the cryptocurrency on various platforms. In the launch period itself, this partnership will get to avail more than 50 cryptocurrencies to the users.
Helen Hal, the president of Binance’s new division, believes that Bifinity is the solution that the market was waiting for. She commented:
“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 main area of focus of the Bifinity will be to provide easy-to-use APIs. These will need minimal expertise in order to be used with any payment system. This allows any merchant to set up a crypto payments rail.
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VP of crypto at Checkout.com Max Rothman believes that eCommerce is going to outpace the traditional eCommerce. This integration of crypto and NFTs will act as a strong avenue for growth. At present, checkout.com powers nearly 80% trading volume.
He further commented, “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.”
Bifinity will also get to focus on regulatory compliance and plan an integrated fraud detection system in the future. In many places, the platform is at loggerheads with many regulators for not following the rules.