- The world’s leading crypto exchange by volume, Binance, launched a fiat-crypto payments provider.
- Binance revealed its network would power Bifinity via its official blog post, seeing to enhance cryptocurrency payments for businesses and merchants to spread crypto adoption.
- Binance introduced a charity foundation to help Ukrainians, contributing $6 million.
Binance posted on its blog, stating the network would power Bifinity to facilitate cryptocurrency payments or businesses and merchants. Such moves target increased crypto adoption. However, the statement underscored the new platform’s usability, highlighting user-friendly services to consumers and high-end APIs for merchants.
Helen Hai, Bifinity President, said they saw increased demand to introduce enhanced fiat-crypto to bridge the centralized and decentralized crypto economy and the traditional fiscal sector. She added that the Bifinity launch would propel mass cryptocurrency adoption.
The payment platform launch means Bifinity would compete with Block Inc. (formerly Square Inc.). Remember, Block Inc. executive Jack Dorsey recently resigned as Twitter CEO. Dorsey planned to concentrate on improving the blockchain capabilities of the firm, reflected by changing the company’s name.
Ukraine and Binance
Many hoped the Binance exchange would comply with suggestions to ban Russian investors amid the Ukraine invasion. Remember, Binance is a leading crypto company globally as far as trading volume is concerned.
Nevertheless, executive Changpeng Zhao stated that a blanket ban for Russian traders would be unethical. However, Zhao acknowledged banning potential sanctioned clients. That means anyone in the sanctions list cannot access services by Binance exchange.
Zhao sympathizes with the Ukraine crisis despite the CEO’s indifference to pleas to prohibit Russian users. Recently, the crypto exchange introduced a charity foundation to help struggling Ukrainians. The company donated $6 million. Furthermore, Binance launched a cryptocurrency crowdfunding website, the Ukraine Emergency Relief Fund.
Zhao said Binance was proud to ensure support and relief to struggling citizens in Ukraine. He added that countless members within the Binance community assisted in providing essentials like supplies, shelter, food, and fuel to Ukrainians.
Though the crypto spectrum flashed bearish actions during the Russian-Ukraine war, the asset class proved lucrative amid such an environment. The market attracted many as the fighting nations had their traditional currencies slumping.
Stay tuned for more updates.
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