Binance cryptocurrency trading platform has floated its own fiat-to-crypto payment solution dubbed Bifinity. As shared in the announcement from the trading platform, Bifinity will serve as the official fiat-to-crypto payments provider for Binance and other blockchain platforms.
The new offshoot will also operate with a service that will enable other platforms looking to adopt crypto payments to integrate a well-designed API tool. At launch, Bifinity will support more than 50 digital currencies and major payment methods such as VISA, and Mastercard amongst others.
“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.
That the emerging Web3.0 and metaverse world is billed to be powered by digital currencies implies the need for advanced payment services providers is essential. While there are many fiat-to-crypto payment services providers around today, Bifinity is emerging with a lot of new incentives including low-cost payment processing fees for merchants a top-tier KYC onboarding process amongst others.
Bifinity and Proposed Partnerships
Besides its plans to carve out support for Mastercard and Visa, Bifinity also has plans to create partnerships with a lot of other prominent players in the digital currency ecosystem. Amongst those in the line include Safepal, Ziliqa, Paysafe, and Checkout.com amongst others.
Together with these partners, Bifinity will tap into the technological expertise of the Binance exchange, while carving out an avenue to support the growth of the cryptocurrency payments outlook in the near future.
“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.”
The Binance move to offer fiat-on-ramp with Bifinity mimics a similar partnership between Bybit and Cabital as reported earlier by TheCoinRise.