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Bitfinex Pay to incorporate U2F for online trading payments

Bitfinex Cryptocurrency Exchange announces an open Universal Second Factor (U2F) authentication standard within its Bitfinex Pay service. With the aim of improving user privacy and security on its platform.

Universal Second Factor

This step enables Onlinestore and merchant payments of products and services, including Bitcoin (BTC), Ether (ETH), Lightning Network BTC (LN-BTC) and Tether (USDT) at the Ethereum and Tron blockchains, to be received on many crypto assets via the Bitfinex Pay widget.

Registered merchant customers can select the option “Pay with bitfinex” while checking out. The consumer will undergo redirection to the merchant’s website following a brief detour through the payment gateway at Bitfinex. Additionally, the payment goes straight to the linked Bitfinex wallet address of the business after confirmation. This introduction places Bitfinex as the alternative to standard two-factor authentication techniques.

Paolo Ardoino, the technical leader of Bitfinex, says.

“As a trailblazer in digital payments, Bitfinex Pay has already become a popular payment tool. Moreover, with the addition of U2F, we are providing our users with further means of protecting themselves.”

He further added: “These security keys make it almost impossible for a hacker to intercept both your password and the two-factor code.”

Crypto payments on PayPal

Payment Giant PayPal introduced cryptocurrency payments on its US platform in November 2020, allowing consumers a variety of popular digital assets for buying, maintaining and selling. Moreover, this feature has more recently become a market in the UK. Paypal aims to allow crypto payment transactions through its established online and real dealer network of 26 million.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.