Bitfinex launches cryptocurrency payment gateway for merchants

Cryptocurrency exchange company Bitfinex is launching Bitfinex Payment, a cryptocurrency payment gateway. With this new product, online merchants can accept payments in various cryptocurrencies. In particular, it should facilitate cross-border transactions.

While there are already some crypto payment gateways, Bitfinex Pay has the advantage of working seamlessly with the company's exchange. Merchants can create a widget and start accepting payments in Ethereum and bitcoin. Payments are deposited into your exchange wallet.

The Bitfinex widget works a bit like the "Buy Now with PayPal" button. When you click the Bitfinex Pay button, you are redirected to the cryptocurrency company's website. Once your payment is approved, you will be redirected back to the merchant's original website. Payments are limited to the equivalent of $1,000 in cryptocurrency.

You don't pay any fees with Bitfinex Pay transactions. Of course, there are some network fees involved with sending crypto tokens. Traders will also end up paying fees if they want to convert their cryptocurrency holdings on the exchange and transfer fiat money out of their account.

Bitfinex Pay also allows you to accept Tether payments. Tether is a stablecoin, meaning that one unit of Tether is supposed to be worth one dollar and does not fluctuate over time.

That statement has been questioned, as New York Attorney General has concluded that Tethers were not fully backed by US dollars stored in bank accounts at all times. At some point, Bitfinex I couldn't access $850 million held in a Panamanian bank.

As a result, Tether and Bitfinex are currently banned in New York State. Therefore, you will need to determine whether you trust Bitfinex enough to use it as part of the payment process on your website.


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