Binance, a cryptocurrency exchange platform that combines digital technology and finance, announced on Monday that it has launched Bifinity, a payments technology company and its official fiat-to-crypto payments provider.
Bifinity’s solution will connect businesses, merchants and users to the world of crypto and blockchain. Merchants can use Bifinity’s APIs to get their business crypto-ready and start accepting crypto payments. At the same time, consumers will have access to more user-friendly buy-sell crypto services and entry points.
Partnership with Eqonex, Paysafe and Checkout.com
Besides its launch, the company also announced that Bifinity has entered into a strategic partnership with technology-driven digital assets financial services group, Eqonex Limited.
Eqonex, which is publicly listed in the US, offers regulatory-focused trading services centred around the Eqonex crypto exchange, institutional-grade digital asset investment solutions, including an asset manager together with the pending launch of exchange-traded products and structured products, and Digivault, a FCA-regulated crypto and digital asset custody solution.
As per the deal, Bifinity will advance a $36M convertible loan to Eqonex and will work together to maximise business synergies created by this new strategic relationship and capitalise on opportunities to cooperate and further expand their businesses.
In addition, Bifinity also announced that it has partnered with specialised payments platform, Paysafe, and global payments processor, Checkout.com, to grow the Web3 economy by expanding cryptocurrency access globally and enabling users to buy and sell crypto safely.
From launch, users will be able to buy and sell more than 50+ cryptocurrencies through fiat on- and off-ramps in a fast, simple and secure way.
Speaking on the development, Helen Hai, President of Bifinity, says, “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 decentralised and centralised crypto economy. Binance’s vision is to increase the freedom of money globally and through the launch of Bifinity, and with these strategic partnerships with Eqonex, Paysafe and Checkout.com, we aim to accelerate mass crypto adoption.”
Max Rothman, VP of Crypto at Checkout.com, adds, “Our payment rails already power the world’s leading crypto exchanges, representing almost 80 per cent 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.”
How will Paysafe benefit Bifinity?
With these strategic partnerships, Bifinity will upgrade its on-ramp payments processing infrastructure, with future plans to integrate enhanced fraud detection. Paysafe will bring deep regulatory know-how of fiat-to-crypto payments. The company has already enabled Bifinity to reactivate SEPA bank transfers and faster payments.
Moving forward, through Paysafe, Bifinity will look to expand into Latin America where it has a ‘market-leading’ real-time payments offering, and is in plans to integrate Paysafe’s card processing service in the UK and Europe over the next few months.
Philip McHugh, CEO of Paysafe, says, “Binance is a leader in crypto, NFTs and the fast-emerging Web3 through innovative products and services. With the launch of Bifinity, they are now taking their growth to the next level. Starting with digital wallets and real-time banking solutions, we look forward to expanding the relationship with more products and geographies as we help the team achieve their growth ambitions.”
Founded in 2017 by Changpeng Zhao and Yi He, Binance is a blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume.
Binance’s platform claims to provide the world’s most secure exchange for individual and institutional investors and features an “unmatched” portfolio of blockchain products and offerings including, crypto trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, among others.