Binance declares the termination of its crypto payments and a shift in focus to its core products
The buy-and-sell service Binance Connect, formerly known as Bifinity, will be shut down by cryptocurrency exchange Binance one year after it first launched, the firm announced in a statement.
The service will be discontinued on August 16 for the cryptocurrency exchange to focus on its core offerings and long-term objectives, according to Binance.
“We examine our goods and services regularly to ensure that our resources are still concentrated on key initiatives consistent with our long-term plan. In the past six years, Binance has evolved from an exchange to a vast blockchain ecosystem with several business segments. We continuously alter and adapt our business strategy in response to shifting consumer and market demands; a spokeswoman told CoinDesk in an email.
To assist businesses in becoming “crypto-ready,” Binance Connect, which allowed merchants to accept cryptocurrency payments, opened in March 2022. The service accepts Visa and Mastercard as well as 50 different cryptocurrencies.
