The cryptocurrency exchange launches its own payment processing company, Bitfinity to serve as the defacto fiat-to-crypto for the exchange.
Bitfinity Launches By Binance To Help Businesses Accept Cryptocurrency
Binance, one of the most popular cryptocurrency exchanges in terms of volume traded, has launched Bitfinity, its own payments technology company. Bitfinity will become the de facto fiat-to-crypto payment processor for the exchange, accepting over 50 currencies and all major payment methods such as Visa and Mastercard.
This new processor also promises to make merchant onboarding easier by allowing merchants to quickly receive cryptocurrency-based payments utilizing Bitfinity’s API. According to Binance, another goal is to provide users with a more user-friendly manner for crypto payments. During Bitfinity’s launch, Helen Hai, the company’s president, 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 and the decentralized and centralized crypto economy.”
Bitfinity has already formed relationships with several wallets and blockchain companies to execute fiat-to-crypto payments.
Web3 Is The Target
Binance wants to make Bitfinity a key player in the Web3 payments space, which it believes will be dominated by cryptocurrencies in the future. As a result, Bitfinity has forged partnerships with Paysafe and Checkout.com, two well-known payment processors who are already donating their technology to help Bitfinity become a more viable choice.
Max Rothman, Checkout.com’s VP of Crypto, said:
“We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs. We are lowering the barrier to entry for merchants to accept and make their first cryptocurrency transactions, enabling them to seize the great web3 opportunity that lies ahead.“
These partnerships are ostensibly going to allow Bitfinity to integrate fraud protection and greater regulatory compliance into its operations, allowing it to deliver white label services to third parties that include a digital wallet.
Bitfinity plans to expand into Latin American markets in the future, as well as offer crypto cards in the UK and Europe using Paysafe’s services.
