To open up the crypto world to more users, fiat-to-crypto payments should be easy. User-friendly is the key word. Binance, one of the leading crypto exchanges in the world, is exactly offering this. They launched Bifinity. This is their official fiat-to-crypto payment provider.
With their payment technology, Bifinity will connect businesses, merchants. and millions of users. Therefore, in this article, you will discover why this initiative can become the leader of this crypto niche.
Binance has Developed Bifinity, a Fiat-Crypto Payment Solution
They will get immediate access to the crypto world, where merchants can access easy-to-use and understand API. Moreover, consumers get access to a user-friendly crypto service. Above all, this gives them buying and selling solutions and entry points on their platform.
#Binance is proud to launch @bifinity, a payments tech company powered by #Binance, which will serve as its official fiat-to-crypto payments provider.
Bifinity will partner with @eqonex, @PlugIntoPaysafe and @Checkout in an effort to build the Web 3.0 economy.
— Binance (@binance) March 7, 2022
These are three reasons why this can happen:
1. Bifinity Features
Bifinity has some great features that can make it the fiat-crypto payment leader. Plenty of features is already live. Furthermore, they will add some more traits in the future.
- More than 50 cryptocurrencies are worldwide on offer.
- Visa, Mastercard, and other major payment platforms are at hand.
- Consumer’s crypto service for buying and selling.
- Easy-to-use, intuitive, and flawless API integration for merchants.
- Cost-effective payment processing for merchants.
- Prime KYC onboarding process.
Source: Bifinity
2. Bifinity is Building Web 3.0
One way Bifinity is building Web 3.0 is with partnerships that bring extra weight to the table. Therefore, they are an important strategic tool. They bring traditional finance and crypto together. Both the centralized and decentralized sectors.
Therefore, Bifinity can improve on-ramp payment frameworks. In other words, this results in easier processing options.
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- Checkout.com—A major worldwide payments’ processor.
- Paysafe—They will bring administrative expertise in fiat-to-crypto payments. Bifinity could revamp SEPA bank transfers. Furthermore, they also reactivated Faster Payments. Paysafe made all this possible.
- SafePal—A top brand crypto wallet provider.
- Zilliqa—A layer 1 blockchain. High scalability because of sharding.
- EQONEX—A Nasdaq-listed investment firm in digital assets. Both companies’ products will reach a broader audience this way. For example, Eqonex offers Bitcoin (BTC) futures.
Bifinity will lay out a $36 million convertible loan. In return, Bifinity can nominate the CEO and COO, as well as the chief legal officer. On top of that, they also get to appoint two seats on Eqonex’s Board of Directors.
3. Future Plans of Bifinity
Finally, the platform still has some aces up its sleeve. For instance, plans see some exciting add-ons to their platform. This will increase their reach. As a result, more people can enjoy their product. Here are some products that they will add in due time.
- NFT checkouts—By linking their DEX wallets, users can buy NFTs at a variety of platforms.
- Expansion into Latin America through Paysafe.
- Card processing service integration in UK and Europe. This is also done through Paysafe.
Conclusion
Binance launched this platform in 2021. However, it is not until now that they officially introduced the platform. Nonetheless, Bifinity powered Binance on and off ramping for fiat-to-crypto all the while.
The combination of strong features, building Web 3.0, and their plans makes Bifinity so powerful. To summarize, these are 3 good reasons why they can become the fiat-crypto payment leader.
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