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Thursday, June 1, 2023

Binance Launches Bitfinity, a Payments Company Targeting the Web3 Economy

Binance Launches Bitfinity, a Payments Company Targeting the Web3 Economy – Binance, a leading cryptocurrency exchange, has announced the creation of Bitfinity, its own payment processing company.

Bitfinity will serve as the exchange’s and other blockchains’ default fiat-to-crypto payment ramp. Binance has partnered with Paysafe and Checkout.com to target the growing Web3 economy with this launch.

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Binance, one of the most popular cryptocurrency exchanges in terms of volume traded, has announced the creation of Bitfinity, its own payments technology firm. Bitfinity will become the exchange’s de facto fiat-to-crypto payment processor, accepting over 50 currencies and all major payment methods such as Visa and Mastercard.

This new processor also promises to make merchant onboarding easier by allowing merchants to immediately receive cryptocurrency-based payments using Bitfinity’s API. Another goal, according to Binance, is to provide users with a more user-friendly method for crypto payments.

Also Read: Bitcoin Miners Catch a Break as Mining Difficulty Drops for the First Time in 3 Months

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Helen Hai, Bitfinity’s President, said during the company’s launch:

“The demand for stronger fiat-to-crypto on-ramps to bridge the gap between the traditional banking industry and the decentralized and centralized crypto economy is growing as the crypto and Web3 economies grow.”

Bitfinity already has fiat-to-crypto payment processing partnerships with a number of wallets and blockchain businesses.

Binance wants Bitfinity to be a significant competitor in the Web3 payments sector, which it believes will someday be powered by cryptocurrencies. For this reason, Bitfinity has formed relationships with Paysafe and Checkout.com, two well-known payment processors who are already lending their technology to make Bitfinity a better option.

Also Read: Israel Defense Ministry Seized Crypto Wallets Holding Hamas-Destined Funds

Checkout.com’s VP of crypto, Max Rothman, said:

“With the acceptance of cryptocurrencies and NFTs, we predict global e-commerce to continue to outpace traditional commerce growth. We’re making it easier for merchants to accept and make their first cryptocurrency transactions, allowing them to take advantage of the huge web3 potential that awaits them.”

These partnerships will ostensibly allow Bitfinity to integrate fraud protection and increased regulatory compliance in its operations, letting it to provide white label services to other parties that include a digital wallet.

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