Binance, the biggest crypto exchange in the world, has launched its own payments technology system called Bfinity.
According to Binance, Bifinity will be “the official fiat-to-crypto payments provider for Binance and other blockchain platforms.”
The new company, says Binance, will offer seamless API integration for mainstream and crypto merchants to scale their businesses. It will, at first, support over 50 crypto assets and major payment methods like Visa, Mastercard, and others. Binance says it will also provide low cost payment processing fees for merchants, though no exact numbers have been provided as of yet.
Bfinity will also be partnering with major wallet providers and platforms, such as Safepal and Ziliqa, in an effort to offer fiat on-ramps for its user base.
“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. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” said Helen Hai, President of Bifinity.
Additionally, Binance will partner with Paysafe, a leading specialized payments platform, and Checkout.com, a leading global payments processor, to “expand crypto access globally and allow more users to buy and sell crypto.”
According to the announcement, Paysafe will provide "with a deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white label digital wallet.”
Philip McHugh, CEO of Paysafe, said: “We have been very impressed by Binance’s commitment to grow as an evolving and maturing business and have witnessed first-hand their incredibly strong and positive customer engagement as they focus on delivering a payments service that consumers want. We’re very proud to partner with them, and we’ve already got off to a strong start with the successful delivery of a white label Bifinity wallet solution and we’re now working on some further exciting opportunities together. For us, this partnership is a great example of how we help our customers overcome payments pain points and grow.”
"We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs," said Max Rothman, VP of Crypto at Checkout.com. "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, enabling them to seize the great web3 opportunity that lies ahead."
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.