Wednesday 3 March 2021 4:00 pm

Bitfinex Pay launches as a cryptocurrency payment system

Crypto trading platform Bitfinex is gearing up to take aim at some of the digital payment big players as it launches Bitfinex Pay today.

The trading platform announced the launch of Bitfinex Pay – a payment technology providing online merchants with a means of receiving contactless and borderless digital token payments – only moments ago.

Using an integrated widget, the company is looking to appeal to businesses of every size by providing online merchants with a means of receiving contactless and borderless digital token payments.

The Bitfinex Pay widget can be integrated on to a website facilitating online payments. Users can pay with Ethereum (ETH), Bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether tokens (USDt) via Ethereum or Tron. Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex.

“As a native of the cryptocurrency space, we’re aiming to take on established behemoths in the technology and payments fields, leveraging our knowledge of the tech to bring crypto payments into the mainstream,” said Paolo Ardoino, CTO at Bitfinex.

Paolo Ardoino, CTO at Tether
Paolo Ardoino, CTO at Bitfinex

“When it comes to paying in crypto, there is a generational change in thinking, with the next generation of consumers attuned to the many new possibilities offered by digital payments.”

Customers of a merchant with the integrated payment technology simply click on the Bitfinex Pay button to be directed to the payment gateway.

After payment is made using a cryptocurrency accepted by the merchant, the customer will be redirected back to the merchant’s website.

Taking on PayPal

Although it will operate in a similar way to PayPal, the San Jose-based online payment giant hasn’t yet got to grips with cryptocurrency. While US customers are able to purchase a limited selection of cryptocurrencies using PayPal, the company does not yet support the ability to make payments with crypto.

This, believe Bitfinex’s chiefs, is where they can steal a march on one of the finance behemoths they’re gunning for.

While there are no processing fees for using Bitfinex Pay, any transaction fees incurred on the relevant blockchain will be borne by online merchants and their customers. The value of payments made by each customer using Bitfinex Pay is capped at $1,000.

“This is the age of digital money, and with Bitfinex Pay we’ve created an intuitive and seamless way for online merchants to receive payments in crypto,” added Mr Ardoino.

“Bitfinex Pay enables merchants to be easily equipped to support crypto payments as increasing numbers of consumers become more comfortable with paying for goods and services using digital tokens.”

To get started with Bitfinex Pay, eligible merchants will first need to register for a Bitfinex account, verify the account to at least the intermediate level and apply for merchant verification. Upon successful verification, a merchant sub-account can be created. Merchants can then integrate the Bitfinex Pay widget on to their websites.

About Bitfinex

Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.

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