Binance launches Bifinity and reopens EUR and GBP bank transfers
Binance, the world's biggest crypto exchange by transaction volume, has confirmed that they will launch a payments technology firm called Bifinity. It is also important to note that the new payments tech firm will be the official fiat-to-crypto payments provider for Binance and other blockchain platforms.
Binance launches a payments technology company
The world's largest cryptocurrency has added a new weapon to its arsenal with Bifinity. According to Binance's blog, it is a company that specialises in payments, but also offers seamless API integration for "mainstream and crypto merchants to scale their businesses." Any business can use the platform's APIs to accept crypto payments.The fiat-to-crypto payments provider will aim to connect businesses, merchants and millions of users to the crypto and blockchain space. In addition, the blog states that "consumers will have access to more user-friendly crypto buy-sell services and entry points."
What is Bifinity?
As per the Binance blog, Bifinity supports more than 50 cryptocurrencies and also includes all major payment methods like VISA Mastercard while also On the other hand, Bifinity will also introduce NFT checkouts that will allow users to buy NFTs on different platforms by simply linking their wallet address.Moreover, the platform follows a top-tier KYC process and low-cost payment process fees for merchants. The payment firms will partner with Safepal and Ziliqa to provide better services.
"Bifinity is partnering with Paysafe, a leading specialized payments platform; and Checkout.com, a leading global payments processor, to expand crypto access globally and allow more users to buy and sell crypto."These partnerships will ensure "enhanced fraud detection and payment transacting" followed by "a deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white-label digital wallet." The payments firm also plans to expand into Latin America with Paysafe and also integrate Paysafe's card processing service in UK and Europe over the next couple of months.
Reopening of EUR and GBP deposits and withdrawals
Due to the strategic partnership with paysafe, Binance is also able to reopen its EUR and GBP deposits or withdrawals through the SEPA payment network and also Faster Payment Services (FPS). The announcement also noted that this will be effective from Monday 2022-03-07 11:00 AM (UTC) for both desktop and app.In addition, Binance users across Europe, with the exception of the Netherlands and Switzerland, will be able to transfer EUR directly through the SEPA network. However, support for corporate accounts is not yet available for the time being.
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