Yesterday, March 3rd, 2021, Bitfinex announced the launch of Bitfinex Pay, a solution for all merchants who want to accept online crypto payments from all over the world.
In the press release, the exchange explained that this widget can be integrated into any type of website to facilitate payments over the Internet. Bitfinex Pay currently supports Ethereum (ETH), Bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether tokens (USDt) found on both Ethereum and Tron.
Payments made through Bitfinex Pay will not be converted into fiat currency, but sent directly to the merchant’s Bitfinex account.
Paolo Ardoino, CTO of Bitfinex, explained this innovation in the following way:
“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. 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.”
How does Bitfinex Pay work
These payments can amount to a maximum of $1,000 USD. Bitfinex Pay does not retain any fees, although it is worth mentioning that blockchain transactions, i.e. Ethereum gas or Bitcoin miner fees, will certainly be paid.
To start using Bitfinex Pay it is necessary to have an account verified at least at the intermediate KYC level on the exchange.
Latest News on Tether and Bitfinex
Recently, the stablecoin Tether reached new records, reaching a market capitalization of over $30 billion.
Furthermore, a few weeks ago, the New York prosecutor’s case against Tether and Bitfinex was concluded.
Bitfinex and Tether will have to cease all activities in the State of New York, pay $18.5 million in fines and increase transparency, but it is still very good news for the record-breaking stablecoin whose detractors were already calling it a goner.
Tether’s detractors seem so disappointed with the outcome of the lawsuit, that they have allegedly spread false documents, demanding a ransom – obviously not paid – of 500 bitcoin.