Blockchain ecosystem and cryptocurrency infrastructure provider Binance has launched Bifinity, a payments technology company Binance noted would serve as its fiat-to-crypto payments provider.
Fiat currency is defined as mainstream legal tender issued by governments and includes currencies such as the US dollar, Canadian dollar, and Euro.
Additionally, Fiat-to-crypto means buying cryptocurrency with fiat money, such as buying Bitcoin with USD.
Bifinity has also partnered with EQONEX Limited, the first digital asset firm with an exchange to be publicly listed in America, as well as high-security crypto and digital asset custody solution firm Digivault.
Specialized payments platform Paysafe and global payments processor Checkout.com are also joining the Bifinity partnership initiative as a means of expanding global cryptocurrency access while enabling users to buy and sell crypto safely.
“As the crypto and the Web3 economies continue to grow, we see greater demand to build improved fiat-to-crypto on- and off-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy,”
Bifinity President Helen Hai said. “Binance’s vision is to increase the freedom of money globally, and through the launch of Bifinity, and with these strategic partnerships with EQONEX, Paysafe, and Checkout.com, we aim to accelerate mass crypto adoption.”
EQONEX Chairman Chi-Won Yoon said the partnership looms transformational for both companies and the industry at large.
“Bifinity shares our strong belief in helping to bridge the world of traditional finance with cryptocurrencies, as well as our conviction to operate to the highest standards of investor protection, regulatory oversight, security, and governance,” he said. “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.”