Binance is getting a new tool with the release of Bifinity, its new service that aims to facilitate the adoption of cryptocurrencies and Web 3.0 especially among merchants. Thanks to a number of strategic partnerships, namely with the fintech specializing in payment methods Paysafe, Bifinity is expected to expand into the European Union, the United Kingdom and Latin America.
Bifinity, the latest addition to Binance
Binance is adding another string to its bow, and it’s called Bifinity. Although it went live last November, Binance has just made its release official and revealed what its plans are.
The announcement, made via a statement on the Binance blog, describes Bifinity as its official fiat-to-crypto (on-ramp) payment provider. According to the release, the app already supports 50 cryptocurrencies as well as traditional payment methods like Visa or Mastercard.
Note that this new tool is aimed at both individuals and businesses. Indeed, Bifinity provides merchants with a simplified programming interface (API) so that they can easily integrate this new feature into their business.
The categories of commerce targeted are not explicitly mentioned, but when filling out the partnership form with Bifinity, one notices that the categories of businesses currently listed are “DeFi”, “ECommerce”, “NFT”, “Wallet” and “Fintech”.
According to Helen Hai, president of Bifinity and also head of the non-fungible tokens (NFTs) cluster at Binance, the project responds to a growing demand for cryptocurrency payment solutions:
“As crypto and the Web 3.0 economy continue to grow, we are seeing a growing demand for fiat-to-crypto payments to bridge the gap between the traditional financial industry and the crypto economy, both centralized and decentralized. […] With the launch of Bifinity, we aim to accelerate the mass adoption of cryptocurrencies.”
A bridge to Web 3.0
In a partnership with Paysafe and fintech Checkout.com, Bifinity is aiming to expand both cryptocurrency adoption and Web 3.0 adoption.
A strategy supported by Max Rothman, the VP of crypto at Checkout.com:
“We expect global e-commerce to continue to outpace the growth of traditional commerce, especially with the adoption of cryptocurrencies and NFTS.”
According to the release, these 2 partnerships will allow Bifinity to enhance its payment infrastructure while ensuring user security via a fraud detection tool.
In addition, its collaboration with Paysafe should provide it with all the necessary tools to ensure its compliance with the various regulations. In fact, it is thanks to a partnership with Paysafe that Binance was recently able to reintroduce SEPA credit transfers in Europe.
In terms of future plans, Bifinity is expected to expand into South America and also to introduce Paysafe’s card payment solution into its European network.
Finally, Bifinity hopes to eventually allow its service recipients to purchase NFTs on various platforms simply by connecting their digital wallets.