In an announcement today, the Cryptocurrency trading company, Binance has officially launched Bifinity as its fiat-to-crypto payment provider in a bid to encourage other companies to be “Crypto-ready.”
Bifinity is powered by Binance, and it will operate as a payment technology company designed to bridge the gap between businesses, merchants, millions of users, and the crypto ecosystem. It is also a regulated buy and sells crypto service that makes purchasing Bitcoin, Ethereum, DOGE, and many more cryptocurrencies very easy and secure. Bifinity also enables users to trade a total of 50 cryptocurrencies making use of Visa, Mastercard amongst others as the means of payment.
The Binance-supported Bifinity with its easy-to-use APIs will see businesses enjoy features like crypto payments in place of the fiat while charging a low processing fee. The buy-sell crypto service will also be enjoyed by consumers as it is user-friendly.
Helen Hai, President of Bifinity said that the company perceives higher demand influenced the development of the fiat-to-crypto on-ramps to bridge the gap between the common finance industry and the decentralized crypto-economy. She said that as much as the crypto and the Web3 economy continue to expand, Binance’s vision will continually be to increase the flow and freedom of money globally so, with the launch of Bifinity, mass crypto acceptance becomes the main focus.
Bifinity is in partnership with Paysafe, a multinational online payment company, and Checkout.com, a worldwide payment processor in a bid to bring about growth in the acceptance of crypto and also develop the crypto-driven Web3.0 economy.
Bifinity has successfully onboarded Safepal and Ziliqa, two of the leading Blockchain platforms and crypto wallet solution providers as its partners. With the onboarding, Safepal and Ziliqa will help Bifinity promote its on and off-ramp payment infrastructure with plans to fuse fraud detection and payment transactions in the future. It will also be relying on Paysafe regulatory know-how of fiat to adhere to certain regulatory requirements.
Bifinity in association with its partners intends to convert fiat-to-crypto thereby giving room for merchants to get paid in their preferred cryptocurrency not minding the fact that customers pay in fiat currency and also providing a high level of security, protection, and flexibility to customers.