Binance Floats First Crypto Payments Tech Company As It Eyes Global Merchants

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The world’s largest crypto exchange Binance has launched its own crypto payment services company, Bifinity.

According to a Monday blog, the company indicated that Bifinity would officially become its fiat-to-crypto payments provider, accelerating and cementing its entry into crypto merchant businesses around the globe.

Bifinity, which is Binance’s newest baby in its suite of consumer-focused products is ‘a payments technology company that connects businesses, merchants and millions of users to the world of crypto and blockchain.’ Users can now integrate Bifinity’s crypto-ready APIs into their businesses to start accepting crypto payments. Furthermore, the product avails consumers of more entry points and a better interface, enabling them to buy and sell crypto seamlessly.

This new platform also supports a range of products including 50 cryptocurrencies and all major payment methods such as VISA and MasterCard.

Binance further announced that Bifinity would be onboarding two key partners in scaling its business capabilities. These include Safepal and Zilliqa which are some of the leading crypto wallet providers, “to offer fiat on and off-ramp solutions for their user base.” 

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Binance which plans on doubling down on its fraud detection and payment transaction infrastructure also noted that Paysafe would act as Bifinity’s legal guide, helping the new platform in complying with crypto payments regulations.

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.” Said Helen Hai, President of Bifinity. “At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption.” She added.

With Binance decoupling from various products that previously fell under its wings, including the Binance Coin and BNB chain citing conflict of interests, its ability to build crypto-related businesses without bias has received a shot in the arm. 

The company now plans to expand Bifinity into Latin America, the United Kingdom, and other countries that have market-leading real-time payment services. The new business will also launch NFT checkouts, allowing NFT enthusiasts to transact across different platforms.