Binance, the world’s largest cryptocurrency exchange by trading volume, is creating its own crypto payment provider to improve its fiat-to-crypto payments technology. Bifinity, Binance’s official fiat-to-crypto payment company, was launched on Monday to connect crypto service providers with the traditional financial system, according to the crypto exchange.
Bifinity accepts over 50 cryptocurrencies, including famous coins such as Bitcoin (BTC) and Ether (ETH), as well as popular payment platforms such as Visa, Mastercard, and others. The new crypto payment platform enables merchants and enterprises to embrace and deliver crypto services to their customers by allowing them to offer buy-and-sell crypto services as well as API crypto payment integrations. Bifinity has worked with various crypto firms, including Eqonex, a Nasdaq-listed digital asset investment firm, as part of its inaugural attempt to bridge the gap between the crypto industry and traditional finance.
According to a second release by Eqonex, Bifinity has signed a strategic partnership with Eqonex to provide a $36 million convertible loan to jointly expand the firms’ products, including Eqonex’s crypto custody solution Digivault. Bifinity will also be able to appoint the chief executive officer, chief financial officer, and chief legal officer of Eqonex, as well as nominate two seats on the Eqonex Board of Directors, from within its own firm. Eqonex is well-known for its Bitcoin investing options, such as BTC futures.
Bifinity will partner with key crypto wallet providers and blockchain platforms, including Safepal and Ziliqa, to provide fiat on- and off-ramp options to their clients, in addition to Eqonex. Bifinity is also collaborating with Paysafe, a specialist payments platform, and Checkout.com, a global payment processor.
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