Binance, the world’s largest cryptocurrency exchange by trading volume, is advancing its cryptocurrency payment technology by launching its own cryptocurrency payment provider.
The crypto exchange officially announced on Monday the launch of Bifinity, Binance’s official fiat-to-crypto payment company to connect crypto service providers to the traditional financial system.
Bifinity supports over 50 cryptocurrencies, including major coins such as Bitcoin (BTC) and Ether (ETH), as well as popular payment platforms such as Visa, Mastercard and more.
The new cryptocurrency payment platform specifically allows merchants and businesses to implement and provide cryptocurrency services to their customers by offering cryptocurrency buying and selling services as well as cryptocurrency payment integration via API.
We live! Learn about our services and how we will partner with SafePal, Zilliqa, Paysafe and https://t.co/QSB0QPYxFV to expand access to cryptocurrency around the world. https://t.co/PwlRt0JmfL#cryptocurrency #payments pic.twitter.com/IdFOLIoAXi — Bifinity (@bifinity) March 7, 2022
As part of its initial quest to bridge the gap between the cryptocurrency industry and traditional finance, Bifinity partnered with several cryptocurrency firms, including Eqonex, a Nasdaq-listed digital asset investment company.
According to a separate statement from Eqonex, Bifinity has entered into a strategic partnership with Eqonex to provide a $36 million convertible loan to jointly expand the companies’ products, including Eqonex’s Digivault cryptocurrency storage solution. Bifinity will also have the right to appoint Eqonex’s chief executive officer, chief financial officer and chief legal officer from its company, as well as nominate two seats on the Eqonex board of directors. Eqonex is known for offering Bitcoin investment products such as BTC futures.
“This transaction marks the next logical step in our company’s evolution, providing an important opportunity to expand our footprint 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 major cryptocurrency wallet providers and blockchain platforms, including Safepal and Ziliqa, to offer fiat money solutions to its customers. In addition, Bifinity cooperates with the specialized payment platform Paysafe and the global payment system Checkout.com.
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Bifinity President Helen High stated that the demand for providing a new fiat cryptocurrency on ramps is growing as “cryptocurrency and the Web3 economy continue to grow.” “At Binance, the vision is to increase the freedom of money around the world. With the launch of Bifinity, we aim to accelerate the mainstream adoption of cryptocurrencies,” she said.
Hai currently holds several roles at Binance, including leading the Non-Fungible Tokens and Fan Tokens division of Binance, as well as leading the global fiat money exchange. At the time of writing, her LinkedIn profile also indicated that she is currently the head of Binance’s philanthropic foundation and interim head of M&A.