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Binance introducing the official fiat-to-crypto payments provider Bitfinity

The launch announcement comes in the first week of march from the ecosystems blog of the renowned global cryptocurrency exchange, Binance has launched its official direct fiat-to-crypto payments provider Bitfinity.

The payment technology company will be backed by Binance and will connect businesses, merchants and millions of users around the globe straight to the world of blockchain and virtual currencies.

Bifinity’s user-friendly APIs can help merchants get their businesses crypto-ready and accept crypto payments.
Consumers will also have easier access to more user-friendly crypto buy-sell services and entry points.

President of Bitifinity, Helen Hai, commented that the demand for stronger fiat-to-crypto on-ramps to bridge the gap between the traditional banking industry and the decentralized and centralized crypto economy is growing as the crypto and Web3 economies grow. Further added that the mission of Binance is to increase global money freedom and that they hope to accelerate widespread crypto acceptance with the introduction of Bifinity.

Bitfinity supports more than 50 cryptocurrencies globally, all major payment methods like VISA, Mastercard and many more. Merchants will benefit from simple and intuitive API integrations, low cost payment process fees and top-tier KYC onboarding procedures.

The company will develop partnerships with top crypto wallet providers and blockchain platforms, such as Safepal and Zilliqa, to provide fiat on and off-ramp solutions to their users. Ultimately, cryptocurrencies will drive the Web 3.0 growth and thus Bitfinity is partnering with the leading payments platforms and payment processors, Paysafe and Checkout.com. This allows the expansion of crypto assets globally and the user’s capabilities of buying and selling crypto easier.

Vice President of Checkout.com, Max Rothman, has stated that they expect global e-commerce to continue outpacing the growth of traditional commerce and in particular the adoption of cryptocurrencies and NFTs. In addition, he mentioned that their payment rails already power the world’s leading crypto exchanges, representing near to 80% of the global trading volume and this is why the foundational partnership with Bitfinity and Binance platform is of crucial importance. Together they are lowering the barrier of entry for merchants to accept and make the first cryptocurrency transactions as well as to enable and seize the great web3 opportunity that lies ahead.

As a result of these collaborations, Bifinity will upgrade its on-ramp payment processing infrastructure. Integration of improved fraud detection and payment transacting are only a part of the future plan. Paysafe will also provide Bifinity with extensive regulatory knowledge of fiat-to-crypto payments as well as an embedded finance solution that serves as a white label digital wallet.

Bifinity’s on and off-ramp capabilities have already been reinforced, and SEPA bank transfers and Faster Payments have been restored, thanks to the embedded finance solution.

Photo by Jonas Leupe

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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