Binance, a leading cryptocurrency exchange, announced the opening of a fiat payment gateway today. The payment processor, dubbed Bifinity, will be Binance’s official fiat-to-crypto payment provider.
Bifinity will bring the world of cryptocurrency to businesses, retailers, and millions of consumers. Bifinity’s use of Intuitive APIs will enable retailers to begin taking cryptocurrency payments, providing consumers with broader access and user-friendly platforms for purchasing and trading cryptocurrency.
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 provides customers with access to over 50 crypto assets throughout the world, as well as the ability to trade their crypto assets. Merchants can also benefit from the payment provider’s straightforward, intuitive, and seamless API connection. It charges businesses cheap payment processing fees and accepts all major payment methods, including Visa and Mastercard.
In other news, Bianance is apparently planning to buy a share in MX Global Sdn Bhd, a Malaysian digital asset market.
According to individuals acquainted with the situation, as reported by The Edge, the transaction is still awaiting permission from the Securities Commission of Malaysia (SC), but has already been approved by the Companies Commercial of Malaysia (CCM).
The Edge stated that it sought opinion from the SC, but the regulator stated that it does not comment on such applications. Datuk Fadzil, the CEO of MX Global, also declined to comment.
However, the Malaysian exchange was closely reviewed by numerous regulators, including the SC, last year. The trading firm was chastised for running a digital asset exchange without the authorization of the securities regulator.