Binance unveils fiat-to-crypto payments provider Bifinity

Bifinity supports over 50 cryptos and payment methods like VISA and Mastercard

Businessman with tablet and logo of Binance                                 
Merchants can use Bifinity’s APIs to get their business crypto-ready and start accepting crypto payments - Photo: Alamy
                                

Binance, currently the world’s largest cryptocurrency exchange by trading volume has launched its official fiat-to-crypto payments provider, Bifinity.

Bifinity, offers application programming interface (API) integration for both mainstream and crypto merchants, and supports over 50 cryptocurrencies; as well as major payment methods such as VISA and Mastercard.

Bifinity which is powered by Binance connects “millions of users to the world of crypto and blockchain”.   

Binance explains that merchants can use Bifinity’s APIs to get their business “crypto-ready and start accepting crypto payments”.

Helping to build Web3 with partners

As part of its efforts to help build the Web3 economy, Bifinity is partnering with Paysafe, a specialised payments platform and Checkout.com, a global payments processor to enlarge crypto access globally, thus allowing more users to buy and sell crypto.

These partnerships will also upgrade Bifinity’s payment processing infrastructure. Future plans include integrating enhanced fraud detection and payment transactions.

Furthermore, Paysafe will provide Bifinity with “a deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white label digital wallet.”

“To bridge the gap between the decentralised and centralised crypto economy”

Helen Hai, president of Bifinity said: “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 decentralised and centralised 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.”

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.”

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