Binance Focuses on Crypto Payments with New Subsidiary Bifinity

Binance Focuses on Crypto Payments with New Subsidiary Bifinity

Binance, the world’s largest cryptocurrency exchange by trading volumes, is set to bolster its fiat-to-crypto payments technology by launching its own crypto payment provider.

The crypto exchange officially announcement On Monday, the launch of Bifinity, the official fiat-to-crypto payment company of Binance, to connect crypto service providers to the traditional financial system.

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

The new crypto payments platform specifically enables merchants and businesses to adopt and provide crypto services to their customers by offering crypto buy and sell services as well as crypto payments API integrations.

As part of its initial efforts 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.

Bifinity Between a strategic partnership with Eqonex to provide a $36 million convertible loan to jointly expand the companies’ products, including Eqonex’s crypto custody solution Digivault, according to a separate Eqonex announcement. Bifinity will also have the right to appoint Eqonex’s CEO, CFO and General Counsel, as well as appoint two seats to Eqonex’s Board of Directors, all within its company. Eqonex is known for offering Bitcoin investment products like BTC futures.

“This transaction marks the next logical step in the evolution of our business, representing a significant opportunity to grow our footprint and expand our regulated offerings for the benefit of our customers and shareholders,” said Eqonex Chairman Chi- Won Yoon.

In addition to Eqonex, Bifinity will partner with leading crypto wallet providers and blockchain platforms, including Safepal and Ziliqa, to offer in-and-out fiat solutions to their customers. Additionally, Bifinity partners with specialist payment platform Paysafe and global payment processor

Bifinity President Helen Hai said demand for new fiat-crypto on-ramps is growing as “crypto and the Web3 economy continue to grow.” “At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate the mass adoption of crypto,” she noted.

Hai has held several positions at Binance so far, including Head of Non-Fungible Tokens and Fan Tokens Division as well as Head of Global Fiat Exchange. At the time of writing, his LinkedIn profile also has shows that she is currently the head of the Binance charitable foundation and acting head of mergers and acquisitions.

As previously reported by Cointelegraph, Binance has been actively developing its fiat-to-crypto gateways and payment solutions over the past few years. In late 2021, Binance completed the acquisition of payment company Swipe after initially taking a majority stake in the company in July 2020.

All fiat-to-crypto transactions and Binance on-ramps are now “powered and consolidated through Bifinity,” a Binance spokesperson told Cointelegraph.

Bifinity is registered in Lithuania, but aims to open its services globally, except for the United States, the Netherlands and sanctioned countries, the representative said. The spokesperson added that Bifinity currently operates in the European Economic Area area and the United Kingdom.

Related: eBay Will Add Crypto Payment Options Soon, CEO Says

Starting Wednesday, Binance will to suspend all transactions initiated with Mastercard and Visa cards issued in Russia. The suspension comes shortly after Visa and MasterCard announcement termination of all services in the country following “Russia’s unprovoked invasion of Ukraine”.

Binance CEO Changpeng Zhao pointed out that Binance’s suspension of Mastercard and Visa transactions was not the company’s decision.