Binance Unveils Bitfinity, Payment Company for Web 3.0 Economy

 

World's top cryptocurrency exchange Binance unveiled its own payments processing company, called Bitfinity. Bitfinity will become the default fiat-to-crypto payments for the exchange, and also for other major blockchains. This new company will also set Binance to target the expanding Web3 economy, partnering with Paysafe and Checkout.com.

Binance the biggest exchanges by volume traded, recently announced the launch of Bitfinity, its own payments technology company. Bitfinity will become the default fiat-to-crypto payments processor of the exchange, supporting more than 50 currencies and all major payment methods, including Visa and Mastercard.

Bitfinity will also make make merchant onboarding easier, with this merchants will be able to use Bitfinity’s API to receive cryptocurrency-based payments directly. Binance stated that another objective is to present users with a more friendly system for crypto payments. On the launch of Bitfinity, Helen Hai, President of Bitfinity, stated:

"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."

Bitfinity has already started partnering with major wallets and blockchain services to provide fiat-to-crypto payment processing services.

Binance wants to make Bitfinity the pillar in the Web3 payments economy, which the company believes will be powered by cryptocurrencies eventually. To fulfill its objective, the newly created company has established partnerships with Paysafe and Checkout.com.