banner
Bitfinex: a partnership with Bitrefill for Lightning Network payments
Bitfinex: a partnership with Bitrefill for Lightning Network payments
Crypto

Bitfinex: a partnership with Bitrefill for Lightning Network payments

By Marco Cavicchioli - 4 Dec 2019

Chevron down

Bitfinex has announced a new partnership with Bitrefill that allows its users to make bitcoin payments with Lightning Network. 

The exchange has just launched its LN node, while Bitrefill provides digital gift cards and top-ups that can be paid for in bitcoin. 

Thanks to the new partnership, Bitfinex customers will be able to use bitcoin as a payment method for various services that can be purchased with Bitrefill, such as games, restaurants, entertainment and travel. 

In addition, users will also be able to purchase gift cards from hundreds of retailers around the world and immediately receive the relevant voucher code. 

Payments will be settled automatically between Bitfinex and Bitrefill using an LN channel setup, which allows instant BTC transfers. 

To do this, the two companies will use custom versions of Lightning, opening channels between each other that overcome current limitations and allow for better flow and greater reliability for users. 

The two companies have long been part of an industry consortium that is exploring the possible developments of open source technology to enable future token functionalities based on the RGB protocol, which in turn is based on Lightning.

Bitfinex’s goal is to contribute to the creation of the new digital economy. A sort of “closing of the cycle” for the circular bitcoin economy. 

The Bitrefill catalogue will now be integrated into the Bitfinex website, so that it can be accessed easily by the users of the exchange. 

The Bitfinex CTO, Paolo Ardoino, said

“Bitcoin’s use as a means of payment represents an important milestone in the inevitable journey towards mass adoption. This is why the Lightning Network is so important. As an exchange, Bitfinex is at the forefront of developing solutions utilizing this technology. This venture with Bitrefill further demonstrates our commitment to the crypto ecosystem and all the great work that is being done”.

Bitrefill’s CCO, John Carvalho, added

“We believe that getting bitcoin exchanges on to the Lightning Network early is integral to preparing for the next wave of adoption and building out a parallel economy for bitcoin. This collaboration signals a new era for bitcoin commerce. We will continue to work closely with Bitfinex and other businesses to develop Lightning solutions and products that make living on crypto a reality”.

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.