Bitfinex Exchange Rolls Out New Payment Service to Boost Crypto Adoption With Merchants

Bitfinex crypto exchange announced the launch of its merchant payment network dubbed ‘Bitfinex Pay,’ which aims at increasing the adoption of crypto as a currency across stores in the world. The solution offers merchants a platform to receive payments in Bitcoin (BTC), Ethereum (ETH), or Tether (USDT) via Ethereum and Tron blockchains.

The payment solution also supports a Bitcoin Lightning channel, following the exchange’s recent integration of Wumbo channels to support instant deposits and withdrawals.

According to the website, Bitfinex Pay is a widget installed on any online shop and allows merchants to accept crypto payments seamlessly and at no cost. The solution is set to add more cryptocurrencies in the future, the website further reads. Speaking on the latest innovation, Bitfinex CTO Paolo Ardoino said,

“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.”

With the world gradually embracing digital payments in response to COVID-19, the new payment solution is aiming at “creating an intuitive and seamless way for online merchants to receive payments in crypto,” Ardoino continued.

To use the app, merchants and users will have to open and register an account with the Bitfinex exchange. The maximum deposit amount on the service is $1,000, and the blockchain fees are set to be paid by the merchants and customers.

Bitfinex has been on a roll in developing new adoption solutions for crypto recently launching the Bitfinex Borrow feature. This peer-to-peer platform will allow users to borrow short-term loans directly from the exchange to avoid selling cryptocurrencies.

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