Binance announced today 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.
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," according to Monday's announcement.
What's more, 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. At the start, users can buy and sell more than 50 cryptocurrencies through fiat on- and off-ramps quickly, simply and securely, Bifinity said.
With the help of these partnerships, Bifinity said that it will enhance its on-ramp payments processing infrastructure and integrate greater fraud detection. Paysafe will bring to Bifinity regulatory knowledge of fiat-to-crypto payments, while its embedded finance solution will act like a white label Bifinity digital wallet.
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.
Bifinity said that thanks to its partnership with PayScale, it's planning to expand into Latin America where it has a market-leading real-time payment offering. It's also in plans to integrate Paysafe's card processing service in the UK and Europe over the next few months, according to the announcement.