Leading cryptocurrency exchange Binance has announced a new crypto payment platform Bifinity, which will be its official fiat-to-crypto payments provider.
Bifinity intends to assist businesses and individuals accept cryptocurrency payments with ease and at the same time assist Binance in expanding its user base by diversifying its service portfolio.
Bifinity Will Support 50 Cryptocurrencies
According to the official press release, Bifinity will support nearly 50 globally recognized cryptocurrencies to help consumers and businesses integrate crypto payments into their day-to-day lives. Moreover, the platform will facilitate the use of intuitive APIs that can help businesses and merchants incorporate crypto payments in a simple and uncomplicated manner.
The press release further states that the platform will also support all major payments methods including Visa and Mastercard. Moreover, Bifinity will also offer low-cost payments process fees for merchants to help them transition towards a fiat-to-crypto payment infrastructure.
Bifinity To Bolster Efforts Towards Web3
The press release also states that Binance’s Bifinity will also be collaborating with Paysafe, a specialized payments platform, and Checkout.com, a leading global payment processor. The following collaborations have been initiated in a bid “to expand crypto access globally and allow more users to buy and sell crypto.”
Through these partnerships, Binance intends to offer more robust crypto services with plans that include integrating “enhanced fraud detection and payment transacting.”
“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.” The PR further stated.