Binance has announced the launch of its own service for providing payments
Binance, the world’s number one cryptocurrency exchange, has announced the launch of its own payment technology company called Bifinity.
Bifinity will act as the exchange’s official fiat-to-crypto payments provider.
It supports a multitude of cryptocurrencies as well as traditional payment networks such as Visa and Mastercard.
Merchants will be able to integrate the company’s application programming interface (API) in order to reach a higher level of scale. The service claims that it offers payment processing fees.
Helen Hai, President of Bifinity, believes that the company will help propel the adoption of crypto around the world:
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.
Bifinity has already entered into partnerships with Eqonex and Paysafe.
Binance and Ukraine
As the world’s largest cryptocurrency exchange, many who have called on trading platforms to ban Russian users in light of the country’s invasion of Ukraine hope Binance will comply. However, CEO Changpeng Zhao recently said such a blanket ban would be “unethical”, but acknowledged that it would ban any potentially sanctioned users. “Anyone on the sanctions list will not be able to use our platform; because those who are not, they can,” Zhao said.
Despite Zhao’s indifference to the Russians’ demands for a ban, he sympathizes with the plight of Ukraine. Binance recently launched a charitable foundation to help beleaguered Ukrainians, donating $6 million upfront. The crypto platform has also launched a crypto crowdfunding site called Ukraine Emergency Relief Fund.
“We are proud that we were able to quickly rally our network to provide relief and support on the ground to those in need,” Zhao said. “This includes helping to provide food, fuel, supplies, and shelter to Ukrainians, which includes countless members of the Binance community.”
