Binance Launches PayTech Firm Bifinity

Global cryptocurrency exchange giant Binance is introducing Bifinity, a fiat-to-crypto payments technology (PayTech) provider, according to a press release on Monday (March 7).

Bifinity aims to give businesses the tools necessary to adopt crypto with on- and off-ramp solutions that make it simple to reach new audiences with easy, direct fiat-to-crypto transactions. From the start, users can easily, quickly, and safely buy and sell over 50 cryptocurrencies.

Bifinity also partnered with EQONEX, the first digital asset firm publicly listed in the U.S. Under the partnership terms, Bifinity will extend a $36 million convertible loan to EQONEX as they both collaborate for new opportunities and work to further grow their companies.

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In addition, Bifinity has formed a partnership with payments platform Paysafe and global payments processor Checkout.com to grow the Web3 economy via worldwide crypto access and safe buying and selling.

“As the crypto and the Web3 economies continue to grow, we see greater demand to build improved fiat-to-crypto on- and off-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy,” said Helen Hai, president of Bifinity. “Binance’s vision is to increase the freedom of money globally and through the launch of Bifinity, and with these strategic partnerships with EQONEX, Paysafe and Checkout.com, we aim to accelerate mass crypto adoption.”

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With APIs that require minimal expertise, merchants and businesses can seamlessly integrate Bifinity’s services and offer their customers access to crypto transactions.

Chi-Won Yoon, chairman of EQONEX, said that Bifinity shares its view of facilitating the connection of legacy finance with crypto, as well as its “conviction to operate to the highest standards of investor protection, regulatory oversight, security and governance.”

Yoon added that collaborating with Bifinity is an “important opportunity” to expand its presence and offerings to the advantage of the company’s customers and shareholders.

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“We expect global eCommerce to continue outpacing the growth of traditional commerce — especially with the adoption of cryptocurrencies and NFTs,” said Max Rothman, VP of crypto at Checkout.com. “Our payment rails already power the world’s leading crypto exchanges, representing almost 80% of the global trading volume. And that’s why our foundational partnership with Bifinity and the Binance platform is so important. Together we are lowering the barrier to entry for merchants to accept and make their first cryptocurrency transactions, and enabling them to seize the great Web3 opportunity that lies ahead.”