Binance to focus on crypto payments with new subsidiary Bifinity

Binance to focus on crypto payments

Binance, the world’s largest cryptocurrency exchange by trading volumes, is moving to boost its fiat-to-crypto payments technology by launching its own crypto payment provider. The crypto exchange officially announced on Monday the launch of Bifinity, Binance’s official fiat-to-crypto payment company, to connect crypto service providers with the traditional financial system. Bifinity supports more than 50 cryptocurrencies, including major coins like Bitcoin (BTC) and Ether (ETH), as well as popular payment platforms like Visa, Mastercard and others.The new crypto payment platform specifically allows merchants and businesses to adopt and provide crypto services to their customers via offering buy-and-sell crypto services as well as API crypto payments integrations. Bifinity has worked with various crypto firms, including Eqonex, a Nasdaq-listed digital asset investment firm, as part of its inaugural attempt to bridge the gap between the crypto industry and traditional finance. According to a second release by Eqonex, Bifinity has signed a strategic agreement with Eqonex to provide a $36 million convertible loan to jointly expand the firms’ products, including Eqonex’s crypto custody solution Digivault. Bifinity will also be able to appoint Eqonex’s CEO, Chief Financial Officer, and Chief Legal Officer, as well as nominate two members on the business’s Board of Directors, all from within the company. Eqonex is well-known for its Bitcoin investing options, such as BTC futures. “This transaction marks the next logical step in our company’s evolution, representing an important opportunity to grow our footprint and expand our regulated offerings for the benefit of our customers and shareholders,” Eqonex chairman Chi-Won Yoon said. Apart from Eqonex, Bifinity will partner with major crypto wallet providers and blockchain platforms, including Safepal and Ziliqa, to offer fiat on- and off-ramp solutions to their clients. Additionally, Bifinity is partnering with specialized payments platform Paysafe and global payments processor president Helen Hai said that the demand to provide new fiat-to-crypto on-ramps has been rising as the “crypto and the Web3 economy continue to grow.” “At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” she noted.Hai has held multiple positions at Binance so far, including Binance’s head of the nonfungible token and fan token division as well as head of the global fiat exchange. At the time of writing, her LinkedIn profile also shows that she’s currently head of the Binance charity foundation and interim head of mergers and acquisitions.