Bitfinex cryptocurrency exchange has launched a new open authentication standard U2F for its online payments service Bitfinex Pay, the move is in order to improve user security and privacy on their platform.
The change gives Bitfinex Pay widget users the ability to accept payments for goods and services in a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Lightning Network BTC (LN-BTC), and Tether (USDT) on the Ethereum and Tron blockchains.
During checkout, customers of a registered merchant can select the ‘Pay with Bitfinex’ option. The customer will be redirected to the merchant’s website after a brief detour through the Bitfinex payment channel. Payment will be delivered immediately to the merchant’s Bitfinex wallet address after confirmation is received.
Bitfinex is promoting the U2F key, which is a physical USB device, as an alternative to typical two-factor verification methods like text messages or app notifications, with this announcement. The gadgets can be used on both laptops and mobile phones, and payment permission is granted via a 6-digit passcode.
Paolo Ardoino, Bitfinex’s CTO, expressed his thoughts on the feature:
“As a trailblazer in digital payments, Bitfinex Pay has already become a popular payment tool and with the addition of U2F we are providing our users with further means of protecting themselves.”
“These security keys make it nearly impossible for a hacker to intercept both your password and the two-factor code,” he stated.
Paypal launched cryptocurrency payments on its US platform in November of last year, allowing consumers to purchase, hold, and trade a variety of popular digital commodities. This feature has recently expanded beyond the United Kingdom.
Paypal intends to enable crypto payments throughout their existing network of 26 million online and physical retailers in the future.
