- Payments are closed at the equivalent of $1,000 in cryptocurrency
- Bitfinex pay provides payment facility for merchants in cryptocurrency
Bitfinex has launched Bitfinex Pay, a cryptocurrency payment gateway. Through this feature, merchants can make and accept payments in any cryptocurrency. Via this new feature, cross border transactions are also made easier.
The launch of Bitfinex Pay
Bitfinex is launching its Bitfinex Pay, a cryptocurrency payment gateway. The product is prudent as the merchants can make and accept payments in any cryptocurrency. Through this new product, cross border transactions are also made easier.
While there is a crypto payments gateway available already, Bitfinex payment has the advantage of working with the company’s exchange. Merchants can accept payments in Ethereum and bitcoin by creating a widget. Payments are also deposited on the exchange wallet.
What is Bitfinex pay Button?
Bitfinex buys now widget works similarly to the PayPal button. Once you click the Bitfinex pay button, you are directed to the cryptocurrency company’s website. Once the payment is approved, you return to the merchant’s website. Payments are closed at the equivalent of $1,000 in cryptocurrency.
There is no fee when one does the transaction with Bitfinex. But there is a catch here where network fees are involved with sending crypto tokens. Merchants who want to convert their cryptocurrency holdings on the exchange will have to pay the fees and transfer the fiat money out of their accounts.
Through Bitfinex, the merchant can accept the tether payments as well. Tether is a stablecoin which is one unit of the tether is worth one USD. It does not fluctuate with time quickly.
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