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Bitfinex to Follow Binance in Crypto-Payments !!

Written by: Qadir AK

March 4, 2021

Bitfinex Pay- a Contemporary Payment Tool

A year after Binance initiated entry to capture the Crypto-payments space with their VISA cards, Bitfinex entered the market. However, it appears that Bitfinex with its official announcement chose contactless digital payments instead of using third-party providers. 

Bitfinex pay is a Widget on the merchant’s website which will redirect the customer to the payment gateway of Bitfinex. To do any payment, the user needs to choose the wallet of the merchant and scan the QR code.

Users can pay with Ethereum (ETH), Bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether tokens (USDT) via Ethereum or Tron. Merchant will also have his wallet on Bitfiniex, where the payments will be deposited.

If the merchants wish to receive payments in cryptos, the KYC verification process is mandatory.

Bitfinex, Binance to Revolutionize Payment Network

Bitfinex was founded in 2012 as a peer-to-peer exchange for Bitcoin and added more cryptocurrencies further. It is a platform that supported cryptocurrency trading and had both retail and institutional investors. It has been in the top-ten cryptocurrency exchanges by transaction volume since its inception. 

Binance offers similar services, but with a physical debit card as it has partnered with financial services company VISA. It utilizes their cards and payment interface to connect the customers and merchants using their service. Binance has a bigger base of users and reach when compared to Bitfinex, and it is to be seen how it reacts to counter its competition.

Now when the popular exchanges have come forward to revolutionize the payment ecosystem, the move may bring the crypto payment system into the mainstream. In the coming days,more exchanges follow Binance, Bitfinex and hence lay a strong foundation towards a cashless digital economy.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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