Bitfinex and Bitrefill have announced that Tether tokens (USDT) will now be available on Bitrefill gift cards.
Bitfinex and Bitrefill partnership
Bitfinex is a digital token trading platform that offers cutting-edge services and graphical tools for investors and also provides access to peer-to-peer funding.
Bitrefill is a bridge to enable the acceptance of cryptocurrencies on e-commerce sites that would otherwise not accept cryptographic payments.
It provides a catalogue of gift cards, prepaid mobile top-ups and Lightning Network services that can be purchased using Bitcoin and other cryptocurrencies.
The partnership between the two companies was formed in December 2019 when Bitfinex decided to give its customers the option of using bitcoin as a means of payment for various services that can be purchased with Bitrefill, such as games, restaurants, entertainment and travel.
In an interview a few months ago, Tether and Bitfinex CTO Paolo Ardoino told The Cryptonomist that the company’s interest is to continue to grow by looking at real use cases, such as people buying in physical shops, then focusing more and more on having a strategy to bring Tether into shops, creating ad hoc tools to expand more widely.
USDT on Bitrefill gift cards
Bitrefill gift cards with USDT will be available to verified users at least at an intermediate level and will have a daily spending limit of $5,000.
Holders of gift cards will be able to use Tether to purchase a variety of services and spend their merchant earnings while enjoying the thousands of gift cards and mobile top-ups offered by Bitrefill worldwide.
It is worth noting that Tether is a stablecoin and can be considered a kind of hybrid between cryptocurrency and traditional money, as the value of USDT is always tied and equivalent to that of the US dollar.
Currently, according to CoinMarketCap‘s data, USDT ranks fifth on the list, with a market capitalisation of more than $65 billion (EUR 55,422,168,299), making it the most widely used stablecoin in the world.
Bitfinex is leveraging its position for cryptocurrency trading by increasing the variety of services for existing and potential clients, taking into account also the increasing use of tokens for shopping.
In another more recent interview, Paolo Ardoino said:
“As a pre-eminent and leading stablecoin, Tether tokens (USDt) are growing rapidly as a means of payment and I am confident that their addition to Bitrefill gift cards will be welcomed by our growing customer base”.