By
Temitope Olatunji
April 19th, 2024
Taking up PayPal in its game, traditional crypto industry players Bitfinex and BitPay are allowing merchants to accept crypto payments amid a wider outlook of digital payments.
On Thursday, March 3, cryptocurrency exchange Bitfinex made an important announcement of allowing merchants to accept payments in crypto. The exchange will allow this new feature as part of its payments facility Bitfinex Pay.
For this, Bitfinex has implemented an integrated widget to appeal to businesses of every size and order value. Currently, Bitfinex Pay will allow merchants to accept crypto payments in three major currencies: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
💰 Bitfinex Pay allows your business to accept payments in crypto!
Add the Bitfinex Pay widget to your website and start accepting crypto payments in: #Bitcoin ($BTC)#Ethereum ($ETH)#Tether tokens ($USDt)
Find out more ⬇️https://t.co/9Amsj6tMyr pic.twitter.com/ErvNoNOg56
— Bitfinex (@bitfinex) March 3, 2021
Bitfinex and Crypto Payments to Merchants
The Bitfinex Pay facility is currently available to merchants accepting online payments via digital tokens. To activate this, the merchants need to first integrate the Bitfinex Pay widget on their website. The merchants shall receive all payments done over Bitfinex Pay in their exchange wallets with Bitfinex. Bitfinex CTO Paolo Ardoino said:
“This is the age of digital money, and with Bitfinex Pay we’ve created an intuitive and seamless way for online merchants to receive payments in crypto. Bitfinex Pay enables merchants to be easily equipped to support crypto payments as increasing numbers of consumers become more comfortable with paying for goods and services using digital tokens.”
Bitfinex seems to take on PayPal directly who is planning to launch merchant crypto payments ahead this year. Ardoino further added:
“As a native of the cryptocurrency space, 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. When it comes to paying in crypto, there is a generational change in thinking, with the next generation of consumers attuned to the many new possibilities offered by digital payments.”
BitPay Also Allows Merchants to Accept Dogecoin
In another interesting development, the world’s largest crypto payments service provider BitPay rolled out DOGE payments for merchants. Also, in a massive announcement, Dallas Mavericks shall be the first to accept Dogecoin. Thus, Mavericks fans can now use Dogecoin to buy official merchandise online.
Note that it’s been two years since the Dallas Mavericks are accepting BTC payments for merchandise and tickets. Owned by billionaire Mark Cuban, Dallas Mavericks has a long-term association with cryptocurrencies. Mark Cuban himself has been an investor in Bitcoin (BTC) and Dogecoin (DOGE). Stephen Pair, CEO of BitPay, said:
“BitPay believes that with continued cryptocurrency adoption, the industry is reaching an inflection point that will forever change consumer confidence, trust and pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Also, as part of the announcement, BitPay will accept all top cryptocurrencies BTC, BCH, ETH, USDC, GUSD, PAX and BUSD and now DOGE.