Binance, the world’s largest blockchain ecosystem and supplier of cryptocurrency infrastructure, today announced the creation of Bifinity, a payments technology firm that will serve as the company’s official fiat-to-crypto payment processor. With seamless, direct fiat-to-crypto transfers, Bifinity’s on- and off-ramp solutions will enable companies to embrace crypto and reach new consumers.
Bifinity also announced the formation of a strategic collaboration with EQONEX Limited (NASDAQ: EQOS). As the first digital asset company with an exchange to be publicly traded in the United States, EQONEX provides regulatory-focused trading services centered on the EQONEX crypto exchange, institutional-grade digital asset investment solutions, including an asset manager and the pending launch of exchange-traded products and structured products, and Digivault, FCA-regulated high-security crypto, and digital asset custody solution.
Bifinity will advance EQONEX a US$36 million convertible loan and the two companies will collaborate to leverage business synergies produced by the new strategic connection and to capitalize on possibilities to collaborate and develop their operations.
Additionally, Bifinity announced a partnership with Paysafe, a leading specialized payments platform, and Checkout.com, a major global payments processor, to help build the Web3 economy by increasing worldwide cryptocurrency access and allowing users to purchase and trade cryptocurrencies securely. From launch, users will be able to quickly, easily, and securely purchase and trade more than 50+ cryptocurrencies through fiat on- and off-ramps.
“As the crypto and Web3 economies continue to flourish, there is an increased need for stronger fiat-to-crypto on- and off-ramps to bridge the divide between conventional banking and the decentralized and centralised crypto economies. Binance’s objective is to expand global financial independence, and with the introduction of Bifinity and these key collaborations with EQONEX, Paysafe, and Checkout.com, we want to speed mainstream cryptocurrency adoption.”
Helen Hai, President of Bifinity, said.
Today, Chi-Won Yoon, Chairman of EQONEX, said,
“We are thrilled to work with Bifinity in a collaboration that has the potential to impact both businesses and the industry as a whole. Bifinity shares our conviction about the importance of bridging the worlds of conventional finance and cryptocurrencies, as well as our commitment to operating at the greatest levels of investor protection, regulatory supervision, security, and governance. This deal represents the obvious next stage in our company’s growth, providing a crucial opportunity to expand our presence and regulated services in the best interests of our consumers and shareholders.”
Bifinity’s payments infrastructure links enterprises, merchants, and consumers to the worlds of cryptocurrency and blockchain – offering buy/sell cryptocurrency services and API connections for crypto payments. By offering simple APIs that need little skill, retailers and enterprises of all sizes and experience levels may integrate Bifinity’s intuitive services and give their consumers accessible crypto.
“We anticipate that global e-commerce will continue to outpace conventional commerce growth—particularly with the introduction of cryptocurrencies and NFTs,” said Max Rothman, Checkout.com’s VP of Crypto.
“Our payment rails already power the world’s largest cryptocurrency exchanges, accounting for over 80% of worldwide trade activity. And it is for this reason that our founding cooperation with Bifinity and the Binance platform is critical. Together, we’re decreasing the entry barrier for retailers to accept and conduct their first bitcoin transactions, allowing them to capitalize on the enormous Web3 potential that lies ahead.”
Bifinity will use these collaborations to strengthen its on-ramp payment processing infrastructure, with the goal of integrating stronger fraud detection in the future. Paysafe will contribute extensive regulatory expertise in fiat-to-crypto transfers to Bifinity. Paysafe’s integrated finance solution, which functions as a white label Bifinity digital wallet, has bolstered its own- and off-ramp capabilities, allowing Bifinity to restart SEPA bank transfers and Faster Payments. Bifinity will now attempt to grow into Latin America through Paysafe, where it has a market-leading real-time payments solution and is in the process of integrating Paysafe’s card processing service in the United Kingdom and Europe over the next several months.
Paysafe’s CEO, Philip McHugh, stated:
“Binance is a real market leader in cryptocurrency, non-fungible tokens, and the rapidly growing Web3 space, owing to its unique products and services that clients adore. They are now taking their expansion to the next level with the introduction of Bifinity. Paysafe is pleased to work with Bifinity, offering a comprehensive suite of payment solutions and utilizing our extensive regulatory and compliance skills. We look forward to growing the connection beyond digital wallets and real-time banking solutions as we assist the team in achieving their development objectives.”
Bifinity was founded in 2021 and has been powering Binance’s fiat-to-crypto on- and off-ramps since then, processing millions of transactions worldwide for Binance.com consumers and charging its merchants cheap payment processing rates.