Binance, a leading cryptocurrency exchange has launched Bitfinity, its payments processing company. Bitfinity, which will be the default fiat to crypto payments ramp for Binance as well as other blockchains, will serve as Bitfinity. Binance is also launching this exchange, and partnering with Paysafe, Checkout.com, to target the growing Web3 economy.
Bitfinity Helps Merchants Accept Cryptocurrencies
Binance, the world’s largest trading platform, has recently launched Bitfinity, its payments technology company. Bitfinity will serve as the official fiat to crypto payments processor. It supports more than 50 currencies, and can accept all major payment options, such as Visa and Mastercard.
This new processor also aims to make merchant onboarding easier, with merchants being able to use Bitfinity’s API to receive cryptocurrency-based payments directly. Binance said that the company also aims to offer users a simpler system for cryptocurrency payments. Helen Hai (President of Bitfinity) stated that Bitfinity was launched with the following statement:
The Web3 economy and crypto continue to grow and we are seeing greater demand to improve fiat to crypto on-ramps in order to bridge the financial industry with the new decentralized and centralized crypto economy.
Bitfinity has already entered into partnerships with several wallets and blockchain service providers to offer fiat-tocrypto payment processing.
Web3 is your target
Binance is trying to position Bitfinity in the Web3 payment economy as a contender. It believes that cryptocurrency will soon be the mainstay of the payments industry. The new company is partnering with Paysafe.com as well as Checkout.com to help make Bitfinity an even better option.
Max Rothman is the VP of Crypto at Checkout.com.
We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs. To make it easier for merchants and NFTs users to use cryptocurrency, we are making the entry barrier lower.
The partnerships are expected to give Bitfinity the capability to provide enhanced regulatory compliance and fraud protection in its operations. This will allow Bitfinity to offer white-label services to parties with a digital wallet.
In the future, Bitfinity will reportedly expand to Latam markets and will provide crypto cards in the U.K. and EU, integrating Paysafe’s services.
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