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Binance Launches Own Fiat-To-Crypto Payment Fintech

The world’s largest cryptocurrency exchange Binance has announced the launch of its own fiat-to-crypto payments provider.

As announced on Monday, Bifinity will be the official fiat-to-crypto payments provider for Binance. The payments financial technology company will connect businesses, merchants, and users to the world of crypto and blockchain.

Bifinity will support over 50 cryptocurrencies globally along with all major payment methods, including VISA, Mastercard, and more. Users will also have access to “NFT checkouts,” allowing users to trade across different platforms.  

Binance says that Bifinity’s API integration will enable mainstream merchants to start accepting crypto payments easily. Merchants will also enjoy low-cost payment process fees.

On the other hand, the service will allow consumers to have access to more entry points to buy and sell crypto. Still, users will have to provide their data, as the service will have to adhere to know your customer (KYC) regulations.

Binance’s payment fintech will partner with leading crypto wallet providers and blockchain platforms, including Safepal and Zilliqa, to offer fiat on and off-ramp solutions for their user base.

Making the Most of Web 3.0

According to the president of Bifinity Helen Hai, the company’s vision is to increase the freedom of money globally and accelerate mass crypto adoption.

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

To that end, Bifinity is partnering with Paysafe, a leading specialized payments platform. Their partnership will allow Binance clients to access SEPA bank transfers. That means that Binance users will again be able to use EUR and GBP deposits and withdrawals directly via SEPA. However, these services will still not be available for users in Netherlands and Switzerland.

Paysafe will bring its deep knowledge of the regulatory system on payments from fiat to crypto. It will also enable an embedded finance solution that acts as a white-label digital wallet. Moreover, the partnership will help in expanding to Latin America, where Paysafe is a market leader in payment services. 

Moreover, Bitfinity will partner with Checkout.com, a payment services provider. The company believes these partnerships will help it build the Web 3.0 economy.

Vice President of Crypto at Checkout.com Max Rothman stresses out the potential of Web 3.0.

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.

$36 Million Partnership

Another Bifinity’s new strategic partner is EQONEX, a digital asset financial service company. The company provides trading services centered around the crypto exchange. It also provides digital asset investment solutions.

The partnership comes with a sizeable price tag. Namely, Bitfinity issued a $36 million convertible loan to EQONEX. The strategic partnership will initially focus on leveraging Digivault as an FCA-regulated custodian. It will also strengthen the technology supporting the EQONEX Exchange. Moreover, it will expand Bifinity’s geographical footprint through EQONEX’s licensing framework.

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Chairman of EQONEX Chi-Won Yoon said they are extremely happy to team up with Bifinity.

Bifinity shares our strong belief in helping to bridge the world of traditional finance with cryptocurrencies, as well as our conviction to operate to the highest standards of investor protection, regulatory oversight, security, and governance.

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