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Binance Launches Payments Technology Company, Bifinity

2022-03-07

Main takeaways

  • Bifinity will be the official fiat-to-crypto payments provider for Binance and other blockchain platforms. 

  • Bifinity offers seamless API integration for mainstream and crypto merchants to scale their businesses.

  • Bifinity supports over 50 cryptocurrencies and major payment methods such as VISA, Mastercard and more. 

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has today announced the launch of Bifinity as its official fiat-to-crypto payments provider. 

Powered by Binance, Bifinity is a payments technology company that connects businesses, merchants and millions of users to the world of crypto and blockchain. Merchants can use Bifinity’s intuitive APIs to get their business crypto-ready and start accepting crypto payments. At the same time, consumers will have access to more user-friendly buy-sell crypto services and entry points. 

“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. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” said Helen Hai, President of Bifinity.

Bifinity supports: 

  • Over 50 cryptocurrencies globally 

  • All major payment methods, including VISA, Mastercard and more

  • Buy to sell crypto service for consumers

  • Simple, intuitive and seamless API integration for merchants

  • Low cost payment process fees for merchants

  • Top-tier KYC onboarding process 

Bifinity will also 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. 

Building Web 3.0 with Payment Leaders

Cryptocurrencies will eventually power the economy for Web 3.0, the internet’s latest iteration. As part of efforts to build the Web 3.0 economy, Bifinity is partnering with Paysafe, a leading specialized payments platform; and Checkout.com, a leading global payments processor, to expand crypto access globally and allow more users to buy and sell crypto.

"We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs," said Max Rothman, VP of Crypto at Checkout.com. "Our payment rails already power the world’s leading crypto exchanges, representing almost 80% of the global trading volume. And that’s why our foundational partnership with Bifinity and the Binance platform is so important. 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."

Through these partnerships, Bifinity will upgrade its on-ramp payment processing infrastructure  This includes future plans to integrate enhanced fraud detection and payment transacting. Additionally, 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. The embedded finance solution has already strengthened Bifinity’s on and off ramp capabilities and reactivated their SEPA bank transfers and Faster Payments. 

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.”

Future Plans

Bifnity will work in tandem with Paysafe to expand into Latin America, where it has a market-leading real time payments service. In the UK and Europe, Bifinity will integrate Paysafe’s card processing service over the next couple of months. On the NFT front, Bifinity will soon launch NFT checkouts, which allow users to buy NFTs across different platforms by linking their DEX wallets.  

For the latest updates, follow Bifinity on Twitter, Instagram and Linkedin.