Binance to focus on crypto payments with new subsidiary Bifinity

Binance, the largest cryptocurrency exchange in terms of trading volume, is launching its own crypto payment provider to increase its fiat-tocrypto payments technology.

Officially, Binance announced Monday that Bifinity, Binance’s fiat-tocrypto payment company, was launched. This company will connect crypto service providers to the traditional financial system.

Bifinity supports more 50 cryptocurrencies, including popular coins like Bitcoin (BTC), Ether (ETH), and popular payment platforms such as Visa, Mastercard, and others.

The new platform allows businesses and merchants to offer crypto services to customers through buy-and-sell and API integrations.

We are LIVE! Learn about our services, and how we will be partnering with SafePal, Zilliqa, Paysafe, and https://t.co/QSB0QPYxFV to expand cryptocurrency access worldwide.https://t.co/PwlRt0JmfL#cryptocurrency #payments pic.twitter.com/IdFOLIoAXi
— March 7, 2022, Bifinity (@bifinity).

Bifinity has partnered several crypto firms with Eqonex, an Eqaq-listed digital asset investor firm, as part of its initial effort to bridge the gap between traditional finance and the crypto industry.

According to an announcement made by Eqonex, Bifinity formed a strategic partnership with Eqonex in order to provide a $36million convertible loan to expand both companies’ products. This included Eqonex’s crypto custody solution Digivault. Bifinity will be able to appoint the chief executive officer and chief financial officer of Eqonex from its company as well as two seats on Eqonex’s Board of Directors. Eqonex is well-known for its Bitcoin investment products, such as BTC futures.

Chi-Won Yoon, chairman of Eqonex, stated that this transaction was the next logical step in the company’s evolution. It is an opportunity to expand our reach and regulate our offerings for the benefit our customers and shareholders.”

Bifinity, along with Eqonex will be partnering with major crypto wallet providers, blockchain platforms, such as Safepal and Ziliqa to offer fiat on/off-ramp solutions for their clients. Bifinity will also be partnering with global payments processor Checkout.com and Paysafe, a specialized payments platform.

Related: eBay CEO says that soon there will be crypto-payment options.

Helen Hai, president of Bifinity, stated that there is a growing demand for fiat-tocrypto ramps as crypto and Web3 economies continue to grow. “Binance’s vision is to expand the freedom to money worldwide. She noted that Bifinity was launched to encourage mass adoption of crypto.

Hai has held multiple positions at Binance, including Binance’s head of fan token and nonfungible token divisions as well as the head of global fiat exchange. Her LinkedIn profile shows that she is currently the head of Binance’s charity foundation as well as interim head for mergers and acquisitions.

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