- Binance Connect, a global payment infrastructure by Binance, will shut down on August 16.
- The company’s spokesperson stated that this decision is in alignment with Binance’s strategic efforts to focus on its core business.
- Binance stated that they consistently modify their business approach in response to changing market needs.
Binance Connect (formerly Bifinity), a global payment infrastructure provider by Binance, will shut down on August 16, 2023. Biswap, a decentralized exchange for BEP-20 tokens on Binance Smart Chain, announced the news on its Twitter account.
Dear Biswappers,The Biswap team keeps abreast of the latest DeFi news and aims to inform you right away.After a thorough consideration, @binance has made a difficult decision to disable @Binance_Connect on 15 August due to its provider closing the supporting card payments… pic.twitter.com/HcooyLn4sg— Biswap (@Biswap_Dex) August 15, 2023
Biswap stated that Binance made a difficult decision to disable Binance Connect due to its provider closing the supporting card payment services. Additionally, Biswap added that this change aligned with Binance’s strategic efforts to focus on its core business.
Binance Connect’s spokesperson stated that this decision is in response to changing market needs. They said, “We periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy.”
Furthermore, the spokesperson added, “In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines.” Moreover, he said, “We consistently adapt and modify our business approach in response to changing market and user needs.”
Biswap declared that they would turn off Binance Connect on their website and added the Binance support team’s contact information if anyone had any further questions. Biswap also mentioned that their partnership with Binance Connect was “distinguished” and greatly boosted both platforms’ development.
Binance Connect, formerly known as Bifinity, was launched over a year ago, in March 2022. According to Binance, the company wants to refocus on its main products and long-term goals.
Binance Connect allowed merchants to accept payments in crypto to help companies become “crypto-ready,” as Binance said then. Binance Connect is used to support 50 cryptocurrencies, along with major payment methods, including Visa and Mastercard.
During the last year, Binance Connect linked up with two wallet providers. In September 2022, Binance Collect collaborated with SafePal to view more than 200 cryptocurrencies and with Trust Wallet in June 2022. Binance Connect’s goal for the collaborations was to “increase crypto adoption and bridge the gap between traditional finance and the crypto economy.”
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