The popular crypto exchange today announced the launch of Bitfinex Pay widget.
Bitfinex Pay is a technology that provides online sellers with a means to receive payments using digital tokens.
💰 Pay with Bitfinex makes crypto mass adoption one step closer and allow our users to make contactless and borderless digital token payments directly through their exchange wallet, without any fees!
— Bitfinex (@bitfinex) May 25, 2021
How does Bitfinex Pay work
To accept cryptocurrency payments with this new technology, eligible merchants will need to open their own account on Bitfinex, verify the account to at least the intermediate level, and request seller verification. After successful verification, it will be possible to create the secondary merchant account, and integrate the Bitfinex Pay widget on their websites.
This will allow regular Bitfinex account holders to make digital token payments on those websites, up to a maximum of $1,000, by simply clicking on the Bitfinex Pay button to access the Bitfinex payment gateway. Once the payment is confirmed, the funds will be deducted from the user’s Bitfinex wallet and credited to the seller’s wallet.
There are no processing fees for Bitfinex Pay payments, although there may be possible on-chain transaction fees for sellers and customers.
In this way, the exchange’s growing user base will allow online sellers to accept cryptocurrency payments for goods and services from them, as part of the exchange’s commitment to achieving mass adoption.
It is worth mentioning that Bitfinex is part of the iFinex group, which also includes Tether, the company that issues and manages USDt. The world’s leading stablecoin is increasingly being used for online payments.
The CTO of Bitfinex, Paolo Ardoino, said:
“Almost from crypto’s very inception, Bitfinex has been a pioneer in technical innovation. The launch of Bitfinex Pay shows that when it comes to genuine, real-life use cases for crypto we are an exchange that is about action rather than just words. Now our growing customer base will be able to live more of their life using crypto by paying for their favourite items at outlets that have installed the Bitfinex Pay widget”.