Binance has announced the official launch of its fiat-to-crypto platform known as Bifinity. Part of the official announcement states that the platform’s launch aligns with Binance’s goal of becoming a fully integrated and global financial system.
Bridging The Centralized And Decentralized Worlds
The primary objective of this new platform is to bridge the gap between merchants and their customers in settling financial transactions using blockchain tech and crypto. The platform will provide APIs that these merchants can incorporate on their Websites to accept crypto payments. Binance claims that Bifinity supports fiat payment for Mastercard, Visa card, and other top fiat payment options.
Also, the platform can accept nearly 55 virtual currencies. Commenting on the launch of the platform, Bifinity president, Helen Hai, said, “there is now a greater demand for better fiat-to-crypto bridges as the crypto and Web3 economy keep growing astronomically.” She further said, “the launch of Bifinity falls in line with Binance’s vision of increasing freedom of money worldwide and promoting the wider adoption of cryptocurrency.”
Part of the official announcement claims that merchants will enjoy cost-effective solutions through Bifinity’s services. The next phase after the launch is Bifinity to collaborate with top blockchain companies and crypto wallet providers.
Soaring Interest Around Web 3.0
There has been a rising interest in Web 3.0 within the universal crypto ecosystem, especially in the last couple of months. Binance is strongly convinced that the Web 3.0 economy will be powered primarily by these virtual assets. Hence, it is taking a huge step ahead of time in being a leader of the financial system in the Web3.0 economy with the launch of Bifinity. Bifinity will work in partnership with Checkout.com, EQONEX, and PaySafe.
Commenting on the partnership with Bifinity, EQONEX Chairman, Chi-Won Yoon said, “we are highly excited with this new partnership with Bifinity because of the positive transformation it will have on both firms and the sector.” Yoon further said, “both companies share common goals of bridging the centralized and the decentralized worlds without compromising ethical and professional standards or violating regulatory policy, governance, security or exposing investors to unnecessary risks.”
UK’s Financial Watchdog Is On Edge
The UK’s financial watchdog (the FCA) was on red alert when Binance included PaySafe as one of Bifinity’s new partners. Part of the FCA’s worry is that the PaySafe partnership will enable Binance to provide its services to the UK audience. You’d recall that the FCA had banned Binance from providing its services to the UK residents, citing lack of operational license and breach of regulatory procedures.
When the media asked the FCA to comment about the BifinityXPaySafe collaboration, a top-level officer of the agency stated that “we are still worried that Binance doesn’t offer enough investor protection through its services and has no operating license. However, it is beyond our jurisdiction to object to its new partnership even though we’ve been notified about it.”
If Binance can successfully pull off this partnership with PaySafe, it would be a huge victory for the exchange and a big for the FCA and other financial watchdogs seeking to restrict the operations of Binance globally. However, nothing is fixed, and issues can occur even at the final minute that can either modify or completely prevent this deal from going through successfully.
