The leading cryptocurrency exchange, Binance, announced efforts to set up its own fiat-to-crypto payments provider through Bifinity today.
Bitfinity, according to Binance, is a payments technology company that will connect businesses, merchants, and their users globally. By using Bitfinity’s APIs, businesses and merchants will integrate the technology into their business and start accepting Bitcoin payments.
On the other hand, users can quickly and conveniently make fiat-to-crypto payments using their primary currency.
Currently, Bitfinity supports more than 50 cryptocurrencies, primary payment services like Mastercard and Visa, and buy-to-sell crypto for consumers. Bitfinity dreams of partnering with Checkout.com and Paysafe to expand crypto access globally in the long run. The payments technology company plans to dive efforts into critical areas, such as fraud detection and payment transacting.
At the moment, Bitfinity works super with seamless API integration for merchants. The icing on the cake is the standardized low-cost payment plans and process fees for the merchants.
The Fiat-to-Crypto Payments Provider was established last year and has been in continuous development, leading to today’s launch. The first clients of Bitfinity will be payment platforms Checkout.com and Paysafe. Digital asset financial services firm EQONEX (EQOS), with a 24-hour trading volume of $180 million, will also be among the earliest clients of Bitfinity.
The new payments provider will work with one of its first clients, Paysafe, to expand to Latin America. Paysafe’s processing service card services will allow Bifinity exploration in the UK and Europe shortly. Going by their manifesto, they soon are expected to launch NFT checkouts that will let users buy NTFs across different platforms by linking to their DEX wallets.
Bitfinity’s president Hellen Hai insists on the need to keep building fiat-to-crypto on-ramps to bridge the gap between traditional and cryptocurrencies. Best of luck to Binance as they continue to accelerate mass crypto adoption.
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