Cryptocurrencies and fintech aren’t anything new today. In any case, we’ve read about and come across news of various cryptos; key among them being bitcoin and altcoins. Anyone who for some reason has an interest in cryptos may already know how they are traded and why cryptocurrency exhcnages play a key role. Of the many exhanges we have today, Binance occupies a position of prestige for recording highest transactions daily. But with so many successes to pride itself, Binance now announces a move to shut down Bifinity (Binance Connect) .
Bifinity (Binance Connect) at a glance
After launching Bifinity (Binance Connect) one year ago, Binance announced that it will shut it down. According to the company, they made that decision since they want to focus on their primary products. Initially, when Binance Connect was introduced in 2022, its main aim was to assist companies in being crypto ready. They did this by supporting about 50 cryptos as well as Mastercard and Visa.
Binance Connect allowed people to scale their businesses with crypto. It did this through API solutions and powerful payment software. Besides, it offered different payment methods to the investors. This made it possible for the investors to choose the ones that they want. However, what might be the reason behind this payment application shutting down?
The possible reasons behind Binance Connect Closure?
The closure of Binance Connect came as a shock to many people, especially the platform users. One of the reasons that might have caused its closure is the crypto market downturn. For the past months, the crypto market has been a beer market. This is due to the fall in crypto payment demand. Besides, growth in the use of services like Paypal in making crypto payment might have caused its drop.
The other reason that might have caused the closure is high competition in the cryptocurrency market. Binance connect was facing stiff competition from Coinbase Commerce and Bitpay. The competition made it difficult for the company to navigate through the market.
The Way Binance Work
Now that we know about Binance Connect, we need to know what is Binance and the way it works. Binance is a platform that allows traders to trade, buy and hold cryptocurrencies. To build your cryptocurrency in Binance, you need to first verify your identity. Secondly, you will need to fund your account and then you can commence trading.
The Services Provided by Binance
Binance is a crypto exchange platform. The first service offered by Binance is trading. The Binance exchange supports about four trade orders including limit, market, one-cancels-the-other (OCO), and stop-limit orders. One of the good things about Binance as compared to the other platforms is that it does not charge any fee for funds or cryptocurrency deposits.
Lending is the second service offered by Binance. The platform offers loans to the users for spot, margin trading and future. The interest is normally borrowed based on the number of hours that one borrows funds.
Moreover, Binance has a special service called smart pool. It enables the miners or rather investors to change from one crypto to another. The strategy enables them to multiply their income. The Binance pay also enables the traders to purchase products globally with no fees.
Apart from trading and loaning, Binance gives you a platform where you can save. It offers different saving products. The platform has an inbuilt crypto wallet where you can store all the cryptos.
The Benefits of Binance
Binance platform enables the customers to make quick transactions. The site can perform about 1.4 million transactions in one second. Is that not amazing? Why should you wait for long when you can complete the transactions in seconds?
Unlike other crypto exchange platforms, at Binance you can trade different cryptos. At Binance exchange, you can trade over 150 cryptocurrencies. The choice is yours!
Furthermore, Binance is one of the most secure platforms. It has different security measures including two factor authentication in preventing unauthorized access. The other features are secure communication, secure asset fund for users, anti phishing code, account activity monitoring, and withdrawal address allow listing.