Bitfinex launches payment gateway for merchants to accept crypto

Crypto exchange Bitfinex has launched a new payments offering, geared toward merchants, dubbed Bitfinex Pay.

The service is aimed at helping online merchants receive crypto payments in bitcoin (BTC) and ether (ETH), as well as Tether (USDT) via the Ethereum and Tron blockchains. Bitfinex Pay also supports bitcoin payments via the Lightning Network.

Bitfinex said it wants to take on companies like PayPal with its new service. PayPal doesn't yet support crypto payments, but the company previously announced plans to add crypto as a funding option as well as integrate it into the Venmo app.

"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," said Bitfinex CTO Paolo Ardoino. "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."

Merchants willing to use Bitfinex Pay will have to open an account with the exchange, where their crypto payments will be directly deposited. Bitfinex said the maximum payment per client is capped at $1,000.

There are no processing fees for using the service, said Bitfinex, adding that any blockchain transaction fees will be borne by merchants and their customers.