- Binance will be launching its own cryptocurrency payment provider named Bifinity.
- Bifinity will provide a $36 million convertible loan to Eqonex – a Nasdaq-listed digital asset firm.
- Bifinity will also partner with other businesses such as Checkout.com, Safepal, Ziliqa, etc.
Binance will be launching its own cryptocurrency payment provider named Bifinity. This launch will boost the exchange platform’s fiat-to-crypto payments technology.
On Monday, the cryptocurrency exchange made an official announcement regarding the launch of Bifinity, which will connect cryptocurrency service providers with the traditional financial system.
The cryptocurrency payment platform will also enable merchants and businesses to adopt and provide buy-and-sell cryptocurrency services to their customers, as well as API cryptocurrency payments integration.
Bifinity and Eqonex entered into a strategic partnership to provide a $36 million convertible loan. The strategic partnership will see both companies expand their products, including Eqonex’s cryptocurrency custody solution, Digivault, according to a separate announcement by Eqonex.
Bifinity will also reserve the right to select members of its team to serve as the Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer of Eqonex, as well as nominate two seats on Eqonex’s Board of Directors.
This is not the only partnership that Bifinity will be entering in to, as the payment solution will also be partnering with major cryptocurrency wallet providers and blockchain platforms, including the likes of Safepal and Ziliqa, as well as the specialized payment platform PaySafe and global payments processor, Checkout.com.
Bifinity will support more than 50 cryptocurrencies, including large public cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). The payment provider will also include popular platforms like Visa (NYSE:V), Mastercard (NYSE:MA) and several others.