Binance unveils Bifinity and reintroduces EUR & GBP bank transfers
- Through Bifinity’s intuitive APIs, businesses will gain crypto-readiness.
- Binance has also fully brought back Euro and Pound bank transfers via SEPA and FTP.
Binance, the world’s largest cryptocurrency exchange, is increasingly smoothing the path towards crypto adoption by new users. The crypto exchange today announced the launch of its native fiat-to-crypto payments provider.
Dubbed Bifinity, Binance said in a press release published today that the new tech pay firm would enable “mainstream and crypto merchants to scale their businesses” to become crypto ready. Bifinity would provide them with intuitive Application Programming Interfaces (APIs) to enable them to accept payments in crypto easily.
Binance added that Bifinity would provide support for crypto buy-sell services, top-grade KYC features, support for MasterCard and VISA services, and low payment-processing fees for merchants.
“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 decentralised and centralised 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 Bifinity President Helen Hai.
Bifinity will grow via collaborations
Having already completed agreements with leading players in payments and finance, Bifinity will seek to leverage the reach of the said institutions as it grows in Web 3.0. The Binance subsidiary has partnered with London-headquartered payments firms Checkout.com and Paysafe to bring services to a global scale.
Bifinity expects that through these partnerships, it would grow its fiat-to-crypto on-ramp infrastructure. In addition, Paysafe will facilitate Bifinity with its proficiency and understanding of the regulatory ropes around fiat to crypto payments.
Binance brings back EUR and GBP bank transfers
Eight months after Binance gave in to regulatory pressure and suspended bank transfers for the euro and pound, the crypto exchange has resumed support for withdrawals and deposits in the said currencies within Europe – with the exception of the Netherlands and Switzerland.
Paysafe is facilitating the service through Faster Payment Services (FPS) and Single Euro Payment Area (SEPA). According to an announcement sent out today, though the service is currently limited to retail customers, there are plans to expand and incorporate the corporate clientele.
“Binance retail users across Europe, with the exception of Netherlands and Switzerland, will be able to make EUR transfers directly via SEPA. At present time, support for corporate accounts is not available. However, Binance is actively collaborating with Paysafe to expand our scope of services.“
The exchange commenced tests in January in anticipation of today’s full resumption of service. It will offer its verified customers fee-free deposits until the end of the month.