Binance Launches Fiat-to-Crypto Payment Gateway Bifinity

Leading cryptocurrency exchange Binance announced today the launch of a fiat payment gateway. Dubbed Bifinity, the payment processor will be Binance’s official fiat-to-crypto payment provider.  

Binance Unveils Bifinity to Accelerate Crypto Adoption

Bifinity will connect businesses, merchants and millions of users to the world of crypto. Through the use of Intuitive APIs, Bifinity will allow merchants to start accepting crypto payments, thereby giving consumers more access and user friendly platforms for buying and selling of crypto.

“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 offers users over 50 crypto globally while allowing them to trade their crypto assets. The payment provider also offers simple, intuitive and seamless API integration for merchants. It provides low payment processing fees for merchants and accepts all major payment methods including Visa and Mastercard. 

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

Binance Planning to Acquire MX Global?

In other news, Binance is reportedly planning to acquire a stake in the Malaysian digital asset exchange MX Global Sdn Bhd.

According to sources familiar with the matter, as reported by The Edge, the acquisition is still waiting for the approval of the Securities Commission of Malaysia (SC) but has already received a green light from the Companies Commercial of Malaysia (CCM).

The Edge said it reached out to the SC for comment, but the regulator noted that it does not comment on such applications. Datuk Fadzil, the CEO of MX Global, also refused to comment on the matter. 

Meanwhile, the Malaysian exchange was heavily scrutinized last year by several regulators, including the SC. The trading company was reprimanded for operating a digital asset exchange without the approval of the securities watchdog.