Binance announces the launch of its fiat-to-crypto payments provider, Bifinity

TL;DR Breakdown

Cryptocurrency exchanges, like Binance, are playing a critical role in the expansion and wide adoption of crypto in the modern world. These exchanges bridge the gap between consumers and the cryptocurrency market. Millions of crypto consumers utilize these exchanges for their crypto-related activities. However, these exchanges continue to enhance their models to ensure more efficiency and usability.

Binance is a worldwide recognized cryptocurrency exchange and blockchain ecosystem. With users from all over the globe, Binance leaves no stones unturned when it comes to the incorporation of innovative technologies and strategies. Similarly, in a recent development, the platform has launched its new official fiat-to-crypto payments provider, Bifinity.

A new payment technology to connect businesses

The new payments platform of Binance will go a long way to connect businesses and merchants with the world of crypto. Millions of Binance users will be able to utilize the technology and link with the blockchain world without any hassle.

Users can now use Bifinity’s intuitive APIs to enhance their business models and make them more crypto-friendly. It will support seamless transactions and payment, that too at a low transaction fee. These businesses will then be able to accept payments and transactions in crypto. Consumers will have the ease of buying and selling various cryptocurrencies with ease.

The President of Bifinity, Helen Hai said, “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.”

Features of Bifinity and the future plans of Binance

Binance’s new payments providers have the ability to support more than 50 cryptocurrencies throughout the world. In addition to this, it will also support all major payment methods. These methods include the likes of VISA and Mastercard. It will offer to buy and sell crypto services to its users, and its rather simple API integration will facilitate business merchants.

Bifinity inculcates an exemplary KYC onboarding process that ensures more transparency and security for the users. The platform will collaborate with crypto wallet providers like Safepal and Zilliqa to offer further crypto and blockchain solutions to the users.

Furthermore, Binance and Bifinity plan to expand their reach in the future. They believe crypto will be a major force in the era of Web 3.0. Thus, Bifinity will partner with Paysafe and Checkout.com to provide its services globally. As a result, more and more users will be able to access crypto and engage with its buying and selling.

Paysafe already has a strong presence in Latin America. Also, its card processing service is set to be launched in the UK and Europe. This is why Paysafe is the perfect partner for Bifinity in the longer run. Both of these platforms can join hands to expand their reach in different parts of the globe. As a result, Bifinity and Paysafe can grow and attract more users to their respective platforms in the longer run.

Bifinity is also planning to launch NFT checkouts anytime soon in the future. This will link the platform with the hyped and popular world of NFTs. Users will be able to buy NFTs by connecting their DEX wallets and using the Bifinity platform.

All of these plans indicate that Bifinity has a thorough roadmap to follow for the coming times. The increasing mainstream adoption of crypto will propel the growth of this platform. Moreover, under the vision of Binance, it has a high chance of making it big in the crypto and blockchain world.