Binance, the current biggest crypto exchange in the world, has launched its own payments system, named Bifinity. It will be “the official fiat to crypto payments provider for Binance and other blockchain platforms,” according to Binance Blog’s announcement of Bifinity’s launch.

Bifinity comes with the whole package, offering seamless API integration for mainstream and crypto merchants. It will support the traditional payment methods of Visa and Mastercard, as well as over 50 different crypto coins. Though there are no mentions on the exact figure of merchant fees, Binance says that the cost will be low for the merchants adopting Bifinity.

President of Bifinity, Helen Hai, spoke on the necessity of Bifinity in facilitating the growth of the crypto and Web3 ecosystem.

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

To make sure the Bifinity’s system is both well-regulated and compliant, Bifinity will partner with Paysafe, one of the leading specialized payments platforms globally. According to the blog post, Paysafe’s addition brings on “deep regulatory know-how of fiat-to-crypto payments and an embedded finance solution that acts as a white label digital wallet.”

Binance’s move makes sense in the current market landscape of crypto, especially considering that global e-commerce continue to outpace the growth of traditional commerce, and that crypto is leaping in front as one of the most prominent digital payment methods. Having a platform that easily supports crypto spending on retailers would dramatically boost the use cases of crypto coins, bring in more revenue for online merchants, and increase the demand of coins accepted on Bifinity.