Bitfinex Launches Cryptocurrency Payment Gateway: Bitfinex Pay

Bitfinex, a prominent cryptocurrency exchange, is introducing Bitfinex Pay, a new gateway designed to facilitate cryptocurrency payments. This product enables online retailers to accept a variety of digital currencies as payment for goods and services.

A key benefit of Bitfinex Pay is its potential to streamline cross-border transactions. The gateway aims to simplify international commerce by leveraging the efficiency of cryptocurrency networks.

Seamless Integration with the Bitfinex Exchange

Although several cryptocurrency payment gateways are currently available, Bitfinex Pay distinguishes itself through its direct integration with the Bitfinex exchange. This allows for a fluid transfer of funds.

Merchants can easily implement the system by creating a widget, which then allows them to begin accepting payments in Bitcoin and Ethereum. Funds from these payments are directly credited to the merchant’s exchange wallet.

How Bitfinex Pay Works

The Bitfinex Pay widget functions similarly to popular payment options like “Buy Now with PayPal.” Upon selecting the Bitfinex Pay button, customers are redirected to the Bitfinex website to complete the transaction.

Following successful payment authorization, the customer is then returned to the merchant’s website. Currently, payment amounts are limited to the equivalent of $1,000 in cryptocurrency.

Transaction Fees and Costs

Bitfinex Pay transactions themselves do not incur any fees. However, standard network fees associated with cryptocurrency transfers will apply.

Merchants should also be aware that fees will be charged if they choose to convert their cryptocurrency holdings on the exchange into traditional fiat currency and withdraw those funds.

Accepting Tether Payments

Bitfinex Pay also supports payments made in Tether, a stablecoin designed to maintain a 1:1 peg with the US dollar. This aims to provide price stability for transactions.

Concerns Regarding Tether’s Backing

The claim of full backing for Tether has faced scrutiny. Investigations by the New York Attorney General revealed instances where Tether was not consistently fully backed by USD reserves held in bank accounts.

Furthermore, Bitfinex experienced difficulties accessing $850 million held in a Panamanian bank at one point.

Regulatory Restrictions

Due to these issues, both Tether and Bitfinex are currently prohibited from operating in the state of New York. Therefore, merchants must carefully assess their trust in Bitfinex before integrating it into their payment processes.

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