Leading cryptocurrency exchange Binance has announced the launch of its own payments processing company, Bitfinity. Bitfinity will act as the default fiat-to-crypto payments ramp for the exchange, as well as for other blockchains. With this launch, Binance also targets the expanding Web3 economy, partnering with Paysafe and Checkout.com.
Bitfinity launches to help merchants accept crypto
Binance, one of the largest exchanges by volume traded, recently announced the launch of Bitfinity, its own payment technology company. Bitfinity will become the exchange’s de facto fiat-to-crypto payments processor, supporting over 50 currencies and all major payment methods, including 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 stated that another objective is to present users with a more friendly system for crypto payments. On the launch of Bitfinity, Helen Hai, President of Bitfinity, stated:
As the crypto and Web3 economy continues to grow, we are seeing an increased demand for building improved fiat-crypto on-ramps to bridge the gap between the traditional financial industry and the decentralized and centralized crypto economy.
Bitfinity is already partnering with a series of wallets and blockchain services to provide fiat-to-crypto payment processing services.
Web3 is the target
Binance wants to position Bitfinity as a strong competitor in the Web3 payments economy, which the company says will eventually be fueled by cryptocurrencies. To that end, the newly created company has signed partnerships with Paysafe and Checkout.com, two established payment processors that are already lending their technology to make Bitfinity a better alternative.
Max Rothman, VP of crypto at Checkout.com, stated:
We expect global e-commerce to continue to outpace 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, allowing them to seize the great Web3 opportunity before them.
These partnerships will ostensibly give the company the ability to include fraud protection and enhanced regulatory compliance in its operations, allowing Bitfinity to offer white label services to other parties that include a digital wallet.
Going forward, Bitfinity would expand to Latam markets and provide crypto cards in the UK and EU, integrating the services of Paysafe.
