Binance has launched a new fiat-to-crypto payments company Bifinity to foster mass crypto adoption. The Binance payments technology affiliate’s on- and off-ramp solutions will empower businesses to adopt crypto and reach new audiences with easy, direct fiat-to-crypto transactions.
Established in 2021, Bifinity has been enabling Binance’s fiat-to-crypto on- and off-ramps, processing millions in transactions globally for Binance.com users and charging low payment processing fees to its merchants.
Bifinity supports over 50 cryptocurrencies globally and all major payment methods, including VISA, Mastercard and more.
It provides buy to sell crypto service for consumers. The new payment service comes with a simple, intuitive and seamless API integration for merchants, along with low cost payment process fees for merchants.
In a related devlopment, Bifinity also entered into a strategic partnership with EQONEX Limited. As the first digital asset firm with an exchange to be publicly listed in the U.S., EQONEX 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, an FCA-regulated high-security crypto and digital asset custody solution.
Under the terms of the strategic partnership, Bifinity will advance a US$36 million convertible loan to EQONEX and will work together to maximize business synergies created by this new strategic relationship and capitalize on opportunities to cooperate and further expand their businesses.
Bifinity has also partnered with specialized payments platform, Paysafe and leading global payments processor, Checkout.com, to grow the Web3 economy by expanding cryptocurrency access globally and enabling users to buy and sell crypto safely.
Bifinity said that 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.
Helen Hai, President of Bifinity, said:
“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. 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.”
Bifinity’s payments infrastructure connects businesses, merchants and consumers to the world of crypto and blockchain – including buy/sell crypto services and API crypto payments integrations. By providing straightforward APIs that require minimal expertise, merchants and businesses, regardless of experience, can integrate Bifinity’s intuitive services and provide accessible crypto for their customers.
Max Rothman, VP of Crypto at Checkout.com, said:
“We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs. Our payment rails already power the world’s leading crypto exchanges, representing almost 80% 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.”
Bifinity said that these partnerships will upgrade its on-ramp payments processing infrastructure. It also intends to integrate enhanced fraud detection in future.
Paysafe will bring to Bifinity deep regulatory know-how of fiat-to-crypto payments. Paysafe’s embedded finance solution, which acts like a white label Bifinity digital wallet, has strengthened it’s on- and off-ramp capabilities and 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.
Commenting on the partnership, Philip McHugh, CEO, Paysafe, said:
“Binance is a true leader in crypto, NFTs and the fast-emerging Web3 through innovative products and services that customers truly love. With the launch of Bifinity, they are now taking their growth to the next level.”
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