Cryptocurrency exchange Bitfinex launches a new authentication standard for online payments service Bitfinex Pay.
In an effort to increase customers’ security and privacy on their platform, cryptocurrency exchange Bitfinex has announced the adoption of an open authentication standard U2F within its merchant payments service Bitfinex Pay.
The move enables the capacity for online stores and merchants adopting the Bitfinex Pay widget to receive payments for goods and services in a range of crypto assets, including Bitcoin (BTC), Ethereum (ETH), Lightning Network BTC (LN-BTC) and Tether (USDT) on the Ethereum and Tron blockchains.
Customers of a registered merchant can choose the ‘Pay with Bitfinex’ option upon checkout. After a brief detour through the Bitfinex payment gateway, the customer will be returned to the merchant’s website. Once confirmed, payment will be sent directly to the merchant’s connected Bitfinex wallet address.
With this introduction, Bitfinex is positioning the U2F key — a physical USB device — as an alternative to traditional two-factor authentication methods such as text-message or app notifications. The devices can be used across laptops and mobiles and require a 6-digit passcode to grant payment approval.
CTO at Bitfinex, Paolo Ardoino shared his comments 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.”
He continued to say: “These security keys make it almost impossible for a hacker to intercept both your password and the two-factor code.”
In November last year, payments giant Paypal debuted cryptocurrency payments on its U.S. platform, granting customers the ability to buy, hold and sell a selection of popular digital assets. More recently, this feature branched out its U.K. market.
In time, Paypal plans to facilitate the transaction of crypto payments across their established network of 26 million online and physical merchants.