Binance announced the introduction of Bifinity, its fiat-to-crypto payments provider subsidiary, enabling enterprises to develop cryptocurrencies and connect with new customers.
Binance announces the launch of Bifinity, its fiat-to-crypto payments provider subsidiary, allowing businesses to adopt cryptocurrencies and connect with new customers through simple, direct fiat-to-crypto transactions, including buy-and-sell crypto services and user-friendly API crypto payments integrations.
Concurrently, Bifinity announced a strategic collaboration with Eqonex, a Nasdaq-listed crypto exchange and Singapore-based digital financial services organization. According to the announcement on Monday, Bifinity will advance a $36 million convertible loan to Eqonex and will collaborate “to maximize business synergies created by this new strategic relationship and capitalize on opportunities to cooperate and further expand their businesses,”
Furthermore, the platform announced a partnership with Paysafe, a loan payments platform, and Checkout.com, a worldwide payments processor, to broaden cryptocurrency access globally and enable consumers throughout the Web3 economy with the opportunity to purchase and trade cryptocurrencies safely. Initially, users will be able to purchase and trade more than 50 cryptocurrencies using fiat on- and off-ramps in a swift, simple, and safe manner.
Bifinity stated that with the support of these collaborations, it will improve its on-ramp payments processing infrastructure and include more fraud detection. Paysafe will bring regulatory knowledge of fiat-to-crypto payments to Bifinity, and its embedded finance solution will function as a white label digital wallet.
These collaborations have increased Bifinity’s on- and off-ramp capabilities, allowing Binance’s European users to make deposits and withdrawals in both British pounds and euros via SEPA bank transfers and Faster Payment Services (FPS) rails.
Bifinity announced that it intends to extend into Latin America, where it has a market-leading real-time payment product, as a result of its cooperation with PayScale. According to the release, it also expects to integrate Paysafe’s card processing service across the UK and Europe over the next several months.
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