Binance, the world’s largest cryptocurrency exchange by trading volume, is moving to expand its crypto-to-crypto-to-crypto technology by launching its own payment provider.
Cryptocurrency exchange on Monday officially announced the launch of Bifinity, Binance’s official payment company that will connect crypto service providers to the traditional financial system.
Bifinity supports over 50 cryptocurrencies, including majors like Bitcoin (BTC) and Ether (ETH), as well as popular payment platforms like Visa, Mastercard, and more.
The new crypto payment platform specifically allows merchants and businesses to use and offer crypto services to their customers by offering cryptocurrency buying and selling services as well as cryptocurrency payment integration via an API.
As part of its initial effort to bridge the gap between the crypto industry and traditional finance, Bifinity has partnered with several crypto companies, including Eqonex, a Nasdaq-listed digital asset investment firm.
According to a separate announcement from Eqonex, Bifinity has entered into a strategic partnership with Eqonex to provide a convertible loan of $36 million to jointly expand corporate products, including Eqonex’s Digivault crypto solution. Bifinity will also have the power to appoint Eqonex’s CEO, CFO, and CFO, as well as nominate two seats on the Eqonex Board of Directors – all from the company. Eqonex is well known for offering Bitcoin investment products such as BTC futures.
“This transaction represents the next logical step in the company’s evolution and represents an important opportunity to increase our footprint and expand our structured offering for the benefit of our customers and shareholders,” said Chi Won-yun, Aconex’s Chairman.
In addition to Eqonex, Bifinity will partner with major providers of crypto wallets and blockchain platforms, including Safepal and Ziliqa, to offer cash payment solutions to its customers. In addition, Bifinity cooperates with the specialized payment platform Paysafe and the global payment system Checkout.com.
Helen Hay, President of Bifinity, said that the demand for new cryptocurrency exchange platforms has increased as the crypto economy and Web3 continue to grow. “At Binance, the vision is to increase the freedom of money around the world. With the launch of Bifinity, we aim to accelerate the mainstream adoption of cryptocurrencies.”
To date, Hai has held several roles at Binance, including leading the non-fungible token and fan token division of Binance, as well as leading the global fiat exchange. At the time of writing, her LinkedIn profile also revealed that she is currently the chair of the Binance Foundation and the interim head of mergers and acquisitions.
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As previously reported by Cointelegraph, Binance has been actively expanding its crypto gateways and payment solutions in recent years. At the end of 2021, Binance completed the acquisition of payment company Swipe after acquiring a majority stake in the company in July 2020.
A Binance spokesperson told Cointelegraph that all of Binance’s fiat transactions to and commissioning of cryptocurrency are “operated and consolidated through Bifinity.”
According to the representative, Bifinity is registered in Lithuania, but it aims to open its services around the world, with the exception of the United States, the Netherlands and sanctioned countries. The spokesperson added that Bifinity currently operates in the European Economic Area and the United Kingdom.