Binance Sets Up Its Own Fiat-to-Crypto Payments Provider

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Binance, the biggest name in the world’s most prominent blockchain ecosystems and cryptocurrency infrastructure providers has named Bifinity its official fiat-to-crypto payment service. 

Bifinity’s easy-to-use APIs can assist shops in becoming crypto-ready and accepting crypto payments. It primarily makes it easier for the consumers to have easier access to more user-friendly crypto buy-sell services and entry points.

“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. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” said Helen Hai, President of Bifinity

Bifinity, which debuted last year and was made available on Monday, supports approximately 50 cryptocurrencies and almost all major payment methods, including Visa and Mastercard, as per Binance.

Merchants can utilize Bifinity’s APIs to “make their firm crypto-ready,” allowing them to accept cryptocurrency payments.

Vilnius, Lithuania is the capital of Lithuania. Eqonex (EQOS), a digital asset financial services provider, and and Paysafe are amongst Bifinity’s very first  clients.

As of 11:00 UTC, Binance said it had fully reopened euro and sterling transactions over the Single Euro Payments Area (Sepa) and the United Kingdom’s Faster Payments Service networks. Sepa was suspended in July of last year and began to be reintroduced in January of this year.

With the exception of the Netherlands and Switzerland, Binance retail users in Europe will be able to make EUR transactions directly via SEPA “The company took notice. “There is no support for business accounts.

the announcement post, Binance also laid its future perspectives of growing this wing of business further. According to the blog post, Bifnity and Paysafe will collaborate to develop into Latin America, where Paysafe offers a market-leading real-time payments solution. Over the following few months, Bifinity will integrate Paysafe’s card processing service throughout the UK and Europe. Bifinity is preparing to offer NFT checkouts, which will allow users to buy NFTs across platforms by linking their DEX wallets.

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Shambhavi Soni
Shambhavi Soni

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