Bifinity, the company’s fiat-to-crypto payments platform, was launched by Binance. The company aims to assist other businesses to become “crypto-ready” by allowing them to transact directly utilizing the new functionality.
What is Binance Bifinity?
Bifinity supports over 50 digital assets and all major payment methods, according to the company’s official statement. These include Visa and Mastercard, which are two of the world’s largest financial service companies. Merchants will be able to use the “simple, intuitive, and seamless API integration” to get ready for cryptocurrency payments. The firm also promised low-cost payment processing charges for clients and a “top-tier KYC” onboarding procedure. Helen Kai, president of Bifinity, said:
“As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto ramps to bridge the gap between traditional finance and the decentralized and centralized crypto economy. With the launch of Bifinity, we aim to accelerate mass crypto adoption.”
The new business has already linked up with a number of other firms, including Paysafe, which should offer “deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white-label digital wallet.”
Parties involved are seeking to increase the service’s reach into Latin America, while Bifinity wants to integrate Paysafe’s card processing service in the United Kingdom and other European nations by the end of this year.