Binance Launches Fiat-to-Crypto Payments Provider Bifinity

The world’s largest cryptocurrency exchange has released its fiat-to-crypto payments provider called Bifinity. The company aims to help other businesses become “crypto-ready” by allowing them to transfer funds directly through the new feature.

• The official press release from the company informed that Bifinity supports more than 50 digital assets and all major payment methods. These include the two US financial service giants – Visa and Mastercard.
• Merchants will be able to employ the “simple, intuitive, and seamless API integration” to prepare their businesses for cryptocurrency payments.
• The company also promised low-cost payment processing fees for customers and a “top-tier KYC” onboarding process. Bifinity’s President – Helen Kai – commented:

“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 venture has already collaborated with a few other companies, including Paysafe, which should provide a “deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white-label digital wallet.”
• The parties involved aim to expand the service into Latin America, while Bifinity wants to integrate Paysafe’s card processing service in the UK and Europe by the end of the year.