Eqonex Limited (NASDAQ: EQOS) confirmed that it has entered into a strategic partnership agreement with Bifinity UAB (Bifinity). Bifinity is a payments technology company that is part of the wider Binance Group and the official fiat-to-crypto payments provider for Binance. Binance is the world's prominent blockchain ecosystem and cryptocurrency infrastructure, provider.
Bifinity will provide EQONEX with a US$36 million convertible loan under the conditions of the strategic partnership. As per the agreement, the two companies will collaborate to leverage business synergies produced by the new strategic alliance and capitalize on possibilities to collaborate and expand their operations.
Furthermore, the strategic collaboration will first focus on utilizing Digivault as an FCA-regulated custodian, improving the technology that supports the EQONEX Exchange, and increasing Bifinity's geographical presence via EQONEX's licensing structure. Both companies will look into ways for EQONEX to expand its digital asset investment solutions company.
In addition, since its inception in 2021, Bifinity only recently became public, and it has been enabling Binance's fiat-to-crypto on- and off-ramps, processing millions of transactions for Binance.com users around the world. Bifinity's premier payment infrastructure integrates traditional banking with leading and developing blockchains, revolutionizing the way businesses and individuals send and receive money throughout the world. Bifinity is a crypto wallet service provider registered with the Republic of Lithuania's Registry of Legal Entities.
As per the agreement, Bifinity will also have the right to appoint the CEO, CFO, and Chief Legal Officer of EQONEX from within Bifinity, as well as designate two seats on the EQONEX Board of Directors. Subject to regulatory approval, both firms will continue to participate in non-binding discussions to investigate prospective merger prospects.