Binance Launches Fiat-to-Crypto Service, Bifinity

Bifinity Binance Fiat

Bob Coiney

March 8, 2022

Binance, the world’s largest cryptocurrency exchange by trading volume announced just recently that it has entered the payments technology space with the launch of Bifinity, its fiat-to-crypto payments provider subsidiary, enabling businesses to adopt cryptocurrencies and connect with new customers with easy, direct fiat-to-crypto transactions, which includes buy-and-sell crypto services and user-friendly API crypto payments integrations which will also aid to improve on-ramps and encourage more merchants to take crypto payments.

Recent Partnership by Bifinity

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. It has also entered 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 announcement by Eqonex, Bifinity will also have the right to appoint the CEO, the chief financial officer, and the chief legal officer of Eqonex as well as nominate two seats on Eqonex’s Board of Directors which will also be from its company. Eqonex is known for offering Bitcoin investment products like BTC futures. Building a truly robust structure, Bifinity supports more than 50 cryptocurrencies, including major coins like Bitcoin (BTC) and Ether (ETH), as well as popular payment platforms like Visa, Mastercard, and others.

The strides it keeps making have pushed its frontier even as it has also partnered with PayScale with which it’s planning to expand into Latin America where it has a market-leading real-time payment offering. It has also set plans to integrate Paysafe’s card processing service in the UK and Europe over the next few months. 

According to Bifinity, these partnerships have strengthened Bifinity’s on- and off-ramp capabilities, resulting in Binance’s European customers now having access to both British pound and euro deposits and withdrawals through Single Euro Payments Area (SEPA) bank transfers and Faster Payment Services (FPS) rails.

Builds a More Robust structure with Nasdaq

Concurrently, Bifinity said it has entered into a strategic partnership with Singapore-based digital financial services firm, and Nasdaq-listed crypto exchange, Eqonex. Under the partnership, Bifinity said it will advance a $36 million convertible loan to Eqonex and will work with each other “to maximize business synergies created by this new strategic relationship and capitalize on opportunities to cooperate and further expand their businesses.

Bifinity said it has partnered with lending payments platform, Paysafe and global payments processor, Checkout.com, to expand cryptocurrency access globally and provide users across the Web3 economy the ability to buy and sell cryptocurrencies safely. 

Why Binance is Right with Bifinity

In Lieu of the big launch, Helen Hai, President of Bifinity said “As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry, including the decentralized and centralized crypto economy. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,”. 

Having seen the road map covered by Bifinity with all of the strides it has made, it is quite clear that the move by Binance to make Bifinity its fiat-to-crypto service holds many rewarding gains ahead.