Home News Binance to focus on crypto payments with new subsidiary Bifinity

Binance to focus on crypto payments with new subsidiary Bifinity

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Binance, the world’s largest cryptocurrency exchange by trading volume, is developing its own crypto payment provider in order to improve its fiat-to-crypto payments technology.

Bifinity, Binance’s official fiat-to-crypto payment company, launched on Monday to connect crypto service providers with the traditional financial system, according to the crypto exchange.

Bifinity accepts over 50 cryptocurrencies, including significant coins such as Bitcoin (BTC) and Ether (ETH). As well as prominent payment platforms such as Visa, Mastercard, and others.

The new crypto payment platform enables merchants and businesses to embrace and supply crypto services to their customers. Through buy-and-sell crypto services and API crypto payment interfaces.

Bifinity has teamed up with numerous crypto firms, including Eqonex, a Nasdaq-listed digital asset investment firm, as part of its inaugural attempt to bridge the gap between the crypto industry and traditional finance.
According to a second release from Eqonex, Bifinity has formed a strategic collaboration with the company to provide a $36 million convertible loan to help the companies expand their products, notably Eqonex’s crypto custody solution Digivault. Bifinity will also have the authority to appoint Eqonex’s CEO, CFO, and CLO, as well as two seats on the Board of Directors, all from within the firm. Bitcoin investment products such as BTC futures are available through Eqonex.
“This transaction represents an important opportunity to broaden our footprint and expand our regulated products for the benefit of our clients and shareholders,” said Chi-Won Yoon, chairman of Eqonex.

Fiat on- and off-ramp solutions

Bifinity will partner with key crypto wallet providers and blockchain platforms. Such as Safepal and Ziliqa, to offer fiat on- and off-ramp solutions to their clients, in addition to Eqonex. Bifinity is also collaborating with Paysafe, a specialist payment platform, and Checkout.com, a global payment processor.

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The demand for new fiat-to-crypto on-ramps has been increasing, according to Bifinity president Helen Hai. As the “crypto and Web3 economies continue to flourish.” “The objective of Binance is to increase global money freedom. “We hope to expedite mainstream cryptocurrency adoption with the debut of Bifinity,” she said.

Binance’s head of the nonfungible token and fan token division. As well as the head of the global fiat exchange, are among the positions Hai has held. Her LinkedIn page also lists her as the head of the Binance charity foundation. And the interim head of mergers and acquisitions at the time of writing.

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