08 March 2022
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.
Binance, one of the largest exchanges by volume traded, recently announced the launch of Bitfinity, its own payments technology company. Bitfinity will become the de facto fiat-to-crypto payments processor of the exchange, supporting more than 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 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.
Bitfinity is already partnering with a series of wallets and blockchain services to provide fiat-to-crypto payment processing services.
Binance wants to position Bitfinity as a strong contender in the Web3 payments economy, which the company believes will be powered by cryptocurrencies eventually. For this purpose, the newly created company has inked partnerships with Paysafe and Checkout.com, two established payments 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 outpacing 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, enabling them to seize the great web3 opportunity that lies ahead.
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.
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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