Binance to focus on crypto payments with new subsidiary Bifinity
Binance, the world’s largest cryptocurrency exchange by trading volumes, is moving to boost its fiat-to-crypto payments technology by launching its own crypto payment provider.
The crypto exchange officially announced on Monday the launch of Bifinity, Binance’s official fiat-to-crypto payment company to connect crypto service providers with the traditional financial system.
The new crypto payment platform specifically allows merchants and businesses to adopt and provide crypto services to their customers via offering buy-and-sell crypto services as well as API crypto payments integrations.
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As part of its initial push to bridge the gap between the crypto industry and traditional finance, Bifinity has partnered with several crypto firms, including Eqonex, a Nasdaq-listed digital asset investment firm.
Bifinity entered a strategic parnership 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 announcement by Eqonex. Bifinity will also have the right to appoint, from its company, the chief executive officer, chief financial officer, and chief legal officer of Eqonex as well as nominate two seats on Eqonex’s Board of Directors. Eqonex is known for offering Bitcoin investment products like BTC futures.
“This transaction marks the next logical step in our company’s evolution, representing an important opportunity to grow our footprint and expand our regulated offerings for the benefit of our customers and shareholders,” Eqonex chairman Chi-Won Yoon said.
Apart from Eqonex, Bifinity will partner with major crypto wallet providers and blockchain platforms, including Safepal and Ziliqa, to offer fiat on- and off-ramp solutions to their clients. Additionally, Bifinity is partnering with specialized payments platform Paysafe and global payments processor Checkout.com.
Bifinity president Helen Hai said that the demand to provide new fiat-to-crypto on ramps has been rising as the “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 mass crypto adoption,” she noted.
Hai holds multiple positions at Binance so far, including Binance’s head of nonfungible token and fan token division as well as head of the global fiat exchange. At the time of writing, her LinkedIn profile also shows she’s currently head of Binance charity foundation and interim head of mergers and acquisitions.