Binance
Binance is a cryptocurrency exchange which is the largest exchange in the world means of daily trading volume of cryptocurrency. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who made a high frequency trading software. Binance was developed in China, but later moved its headquarters out of China because of the regulation of cryptocurrency in Chinese government.
It is processing millions of transactions globally for Binance.com users and charging low payment processing fees to its merchants. It supports 50 digital assets and other payment methods which include Visa and MasterCard.
Bifinity
It is powered by Binance. A payment technology company and it is official to fiat-to-crypto payments provider. Bifinity’s on- and off-ramp solutions will empower businesses to adopt crypto and reach new audiences with easy, direct fiat-to-crypto transactions. It helps the people to facilitate crypto payments for merchants and businesses to spread adoption.
EQONEX Limited
It’s a digital asset financial services company. It has entered into a strategic partnership with Bifinity. Payments Technology Company is a part of Binance Group and fiat-to-crypto payments provider for Binance, the number one leading blockchain system and a service provider cryptocurrency. It is focused on regulation, security and compliance best-practice. EQONEX was the first digital asset firm with an exchange to be publicly listed in the U.S. EQONEX offers regulatory-focused trading services, crypto exchange, institutional-grade digital asset investment solutions including an asset manager, structured products and Digivault, an FCA-regulated high security crypto and digital asset custody solution.
Transaction Details
Bifinity will advance a US$36 million convertible loan facility with an 18-month maturity from each drawdown date. The initial conversion price is US$1.89 per share, set with reference to the 50-day average closing-price of EQONEX shares immediately prior to the date of the Loan Agreement.
Chi-Won Yoon, Chairman of EQONEX said “We are extremely pleased to team up with Bifinity in a partnership that is likely to be transformational for both companies and for the industry at large. Bifinity shares our strong belief in helping to bridge the world of traditional finance with cryptocurrencies, as well as our conviction to operate to the highest standards of investor protection, regulatory oversight, security and governance.”
The partnership will be focusing on Digivault as an FCA regulated custodian, supports the strengthening technology, the EQONEX Exchange and expanding Bifinity’s geographical footprint through EQONEX’s licensing framework. They will also explore to grow EQONEX’s digital asset investment solutions business.
Paysafe
It is an embedded finance solution, which acts like a white label Bifinity digital wallet. It’s on- and off-ramp capabilities and already enabled Bifinity to reactivate SEPA bank transfers and Faster Payments. (Single Euro Payments Area). It is trying to expand in Latin America where it has a real-time payments ‘offering and it has a plan to integrate with Paysafe’s card processing service in the UK and Europe over the next few months .It will upgrade to on-ramp payments processing infrastructure, with future plans to integrate fraud detection.
Checkout.com
It empowers businesses to adapt and innovate. The company’s technology makes payments seamless Checkout.com provides fastest, most reliable payments in more than 150 currencies, with in-country acquiring, world-class fraud filters and reporting through one API. It can accept all major international credit and debit cards. The company launched in 2012 and now has a team of over 1100 people across 18 offices worldwide
Bifinity’s payments infrastructure connects various users to the world of crypto and blockchain – including buy/sell crypto services and API crypto payments integrations. APIs that require minimal expertise, merchants and businesses, regardless of experience, it will integrate with Bifinity’s intuitive service and it will provide access for crypto.
Max Rothman, VP of Crypto at Checkout.com said that, “We expect global e-commerce to continue outpacing the growth of traditional commerce—especially with the adoption of cryptocurrencies and NFTs.”
Conclusion
Binance Sets Bifinity’s payments to provide access to users for globally and enabling users to buy and sell crypto safely.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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