A crypto industry titan is plowing forward to make crypto a regular part of everyday transactions.
Binance, one of the world’s largest crypto exchanges and leader in “blockchain ecosystems,” announced it’s launching a payment technology company called Bifinity, which will focus on handling fiat-to-crypto payments.
The announcement probably didn’t catch the attention of most crypto investors… But, as I’ll explain, it’s a big step towards bridging the gap between crypto and traditional/mainstream financial activities like shopping.
As you probably know, crypto has become a lot easier to buy and sell in recent years. That’s due in part to exchanges like Binance and Coinbase, which handle regulations like “Know Your Customer” (KYC) requirements… and offer users a simple interface to make crypto trades.
However, calling crypto “easy to use” is still a bit of a stretch. Plenty of folks struggle with basic technology. And juggling between fiat and multiple cryptocurrencies (and wallets) is a nearly impossible task for those of us who aren’t tech-savvy.
The same idea applies to businesses. Around the globe, the average mom-and-pop shop accepts payment in cash or credit cards—but only a handful currently accept crypto.
That’s where Bifinity comes in… Its software platform gives both merchants and individuals a seamless way to use cryptocurrencies for everyday purchases.
I know… Payment processing systems aren’t exactly an exciting topic.
But they’re a critical intersection between regular folks and the giant, complex financial systems that crypto is aiming to disrupt.
Bifinity’s payment system includes an easy-to-use application programming interface (API), which can connect to merchants’ existing payment systems… allowing them to accept crypto payments. In other words, Bifinity’s payment technology helps businesses to get “crypto-ready.”
It’s a win-win situation for both businesses and consumers. From the merchant’s standpoint, it can accept more payments… while relying on a leading crypto/blockchain firm to handle the complex details of a crypto-fiat transaction.
Meanwhile, individuals will have the option to buy/sell or use cryptocurrencies anytime they want. Most consumers don’t care about how the processing technology works… They just want the process to be easy, safe, and convenient.
So far, Bifinity supports over 50 different cryptocurrencies in over 30 countries. And it works with major payment methods including Visa and Mastercard. It’s a fully-licensed virtual asset provider and is KYC-compliant.
Put simply, Bifinity simplifies the connection between fiat currencies and crypto… enabling consumers and businesses to use crypto more easily… and representing a huge step forward in promoting crypto adoption around the globe.
P.S. Frank recommended Binance Coin to Crypto Intelligence members back in 2019. It’s already up over 2,400%… with more room to run.
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