The new service — known as Bifinity — supports 50 digital assets and aims to help companies get "crypto ready."
Binance has announced that it is launching its own fiat-to-crypto payments platform that is designed to "connect businesses, merchants and millions of users to the world of crypto and blockchain."
The new service — known as Bifinity — aims to help companies get "crypto ready," putting them in a position where they will be able to accept digital assets as a payment method.
More than 50 cryptocurrencies are being supported by this new payments provider — alongside major, more traditional networks offered by the likes of Visa and Mastercard. Bifinity also promises to offer low-cost payment processing for merchants and a "top-tier" KYC onboarding process, with the platform's president Helen Hai saying:
"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."
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In a news release, Binance said that cryptocurrencies will eventually "power the economy for Web3" — the next generation of the internet. Bifinity has already entered into partnerships with the likes of Paysafe and Checkout.com "to expand crypto access globally and allow more users to buy and sell crypto."
Max Rothman, the VP of crypto at Checkout.com, said:
"We expect global e-commerce to continue outpacing the growth of traditional commerce — especially with the adoption of cryptocurrencies and NFTs."
Meanwhile, Paysafe CEO Philip McHugh said the partnership has gotten off to a "strong start with the successful delivery of a white-label Bifinity wallet," adding:
"For us, this partnership is a great example of how we help our customers overcome payments pain points and grow."
Bifinity plans to expand into Latin America — and across the U.K. and Europe, it will integrate Paysafe's processing service in the coming months. Specialist checkouts are also going to be launched so collectors can buy non-fungible tokens across different platforms by linking DEX wallets.
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