Binance Introduces Bifinity – A Crypto-to-Fiat Payment Service

Crypto exchange Binance has introduced a new in-house payment service that will allow direct fiat-to-crypto payment transfers.

Binance launched Bifinity – its fiat-to-crypto payment service that aims to help other businesses become “crypto-ready” by allowing them to transfer funds directly through the new feature.

According to the press release, Bifinity has support for over 50 digital assets and all major payment methods, including Visa and Mastercard.

Through the “simple, intuitive, and seamless API integration,” merchants will be able to prepare their businesses for crypto payments.

According to Binance the new service features a top-tier KYC onboarding process and low-cost payment processing fees.

Helen Kai, the president of Bifinity said:

“As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto ramps to bridge the gap between traditional finance and the decentralized and centralized crypto economy. With the launch of Bifinity, we aim to accelerate mass crypto adoption.”

Bifinity has already collaborated with a few other companies, including Paysafe, which should provide a “deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white-label digital wallet.”

The plan going forward is to expand the service into Latin America, while Bifinity wants to integrate Paysafe’s card processing service in the UK and Europe by the end of the year.