GEORGETOWN, Cayman Islands—Binance, one of the largest cryptocurrency exchanges by volume traded, has launched Bitfinity, its own payments technology company.
According to the 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.”
The new processor is also aiming to make merchant onboarding easier, with merchants being able to use Bitfinity’s API to receive cryptocurrency-based payments directly, according to Bitcoin.com.
Binance stated that another objective is to present users with a more friendly system for crypto payments, the report added.
“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,” stated Helen Hai, president of Bitfinity.
A ’Strong Contender’
Bitfinity reported it 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,” Bitcoin.com said. “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.”
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