Binance, a provider of blockchain ecosystem and cryptocurrency infrastructure, has launched a new payments technology company, called Bifinity.

The newly launched payment technology company entity will serve as official fiat-to-crypto payments provider for Binance.

It will connect merchants and users to the crypto and blockchain world.

Bifinity noted that its application programming interfaces (APIs) can be used by merchants to make their business crypto-ready and begin accepting crypto payments.

The company’s API’s will also help consumers access to better buy-sell crypto services and entry points.

Bifinity president Helen Hai said: “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 decentralized and centralized crypto economy.

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“At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption.”

The new payments technology company can support more than50 cryptocurrencies across the world and give users access to all major payment methods such as VISA and Mastercard.

Bifinity is set to collaborate with specialised payments platformPaysafe and global payments to enhance crypto access across the globe and enable more users to purchase and sell crypto.

Paysafe will also offer deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution to Bifinity. It will serve as a white label digital wallet to Bifinity.

The payment technology firm will focus on upgrading its on-ramp payment processing infrastructure, including future plans to incorporate enhanced fraud detection and payment transacting.

In August 2019, Binance announced plans to launch an open blockchain project, which can rival Facebook’s Libra initiative.