Binance debuts Bifinity

Binance announced this morning that it would launch Bifinity, a payments technology company and fiat-to-crypto payments provider. Bifinity will partner with payments platform Paysafe as well as Checkout.com to scale its operations.

Why should we care?
Binance may be borrowing Stripe’s strategy for growth. In much the same way that Stripe emphasizes its low-code APIs as a unique selling point, Bifinity is foregrounding its accessible tech as a promising gateway. “By providing straightforward APIs that require minimal expertise, merchants and businesses, regardless of experience, can integrate Bifinity's intuitive services and provide accessible crypto for their customers,” Bifinity said in its press release. If Bifinity enjoys the same growth that Stripe has, then we may quickly see crypto payments integration across a broad range of sectors. But API dominance isn’t Bifinity’s only end goal. Bifinity also said its partnership with Paysafe will help it move into card processing and expand into Latin America. With such a range of intentions, it may be useful to look at how Binance spins off other services moving forward: Will it continue spawning subsidiaries the way Block and Meta do, or will it eventually consolidate and create a one-stop-shop like SoFi? The ultimate success or failure of its structural strategy will be an informative use case for other fintechs in the months to come.