The largest crypto exchange in terms of trading volume, Binanceis now looking to launch its own crypto payment provider in order to give its fiat-to-crypto payments technology a boost. On Monday, the exchange made the official launch announcement of Bifinity, its fiat-to-crypto payment firm, which will assist in connecting the traditional financial system with crypto service providers. More than 50 cryptocurrencies are currently supported by Bifinity, which include well-known options like Bitcoin (BTC), Ether (ETH), along with some renowned payment platforms like MasterCard, Visa and more. Businesses and merchants will be able to use the new crypto payment platform for adopting and providing services to their clients via API crypto payments integrations, along with buy-and-sell crypto services.
In order to help in bridging the gap between traditional finance and the crypto industry, Bifinity has entered into partnerships with a number of companies, such as Eqonex, which is a digital asset investment firm listed on the Nasdaq. The strategic partnership between the two companies involved a convertible loan of $36 million for jointly expanding the products of the companies, including Digivault, which is Eqonex’scrypto custody solution. The partnership will also enable Bifinity to select the chief financial officer, the chief executive officer and the chief legal officer of Eqonex.
They will also be able to nominate two seats on the Board of Directors and do it within the company. Eqonexoffers bitcoin investment products, such as BTC futures. Chi-Won Yoon, the chairman of Eqonexsaid that this transaction is the next logical step in the evolution of the firm and it represents a vital opportunity for growing their footprint and expanding their regulated offerings for the benefit of their shareholders and customers. Bifinity will also be partnering with prominent crypto blockchainplatforms and wallet providers, including Ziliqa and Safepalin order to provide their clients with fiat-on and off-ramp solutions.
Another partnership they are entering into is with Paysafe, the specialized payments platform, along with global payments processor named Checkout.com. Helen Hai, Bifinity president stated that there was a greater demand to provide new fiat-to-crypto on-ramps because there is continuous growth in the Web3 and crypto economy. She said that Binance’s vision was to globally increase the freedom of money. She said that they were hoping to ensure mass crypto adoption with the launch of Bifinity. So far, Hai has handled a number of positions at Binance, which includes the head of their fan token non-fungible token (NFT) division and also the global fiat exchange.
Currently, she is heading Binance’s charity foundation and is also the interim head of acquisitions and mergers. In recent years, the crypto exchange has been focused on expanding their fiat-to-crypto payment solutions and gateways. It finalized the acquisition of Swipe, a payment firm, after it had bought a major stake in the company in July 2020. As for Bifinity, the company is registered in Lithuania, but wants to expand its operations globally with the exception of Netherlands, United States and sanctioned countries. It is currently operating in the United Kingdom and the European Economic Area (EEA).