Bitfinex Pay Will Integrate U2F Authentication For Online Payments

Bitfinex Pay is a new system that will integrate U2F authentication for online payments in an effort to increase the customer’s security and privacy on the exchange as we are reading more in our latest cryptocurrency news today.

Crypto exchange Bitfinex announced the introduction of the open authentication standard universal second factor U2F in its merchant payments services Bitfinex Pay. The move enables the capacity of online stores and merchants to adopt the bitfinex Pay widget and receive payments for goods and services in a range of crypto assets like BTC, ETH, Lighting NEtwork, and Tether on the Tron and Ethereum blockchains. Customers of the registered merchant can choose to “Pay with Bitfinex” option at the checkout and after the detour of the payment gateway, the customers will be returned to the merchant’s website. Once confirmed, the payment will be sent to the merchant’s connected Bitfinex wallet address.

With the introduction, Bitfinex is positioning the U2F key as a USB device which is an alternative way to traditional two-factor authentication methods like text messages or app notifications. The devices can be used on laptops, mobile devices and require a six-digit passcode to grant payment approval. The chief technology officer at Bifinex Paolo Arduino shared his opinion:

“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 almost impossible for a hacker to intercept both your password and the two-factor code.”

Payments giant PayPal debuted crypto payments on the US platform and granted customers the ability to buy, hold and sell the selection of popular digital assets but also this feature branched into the UK market as well. On the other hand, PayPal plans to facilitate teh transaction of crypto payments on the established network of 26 million online merchants.

As recently reported, Bitfinex allegedly repaid the Tether stabelcoin issuer which was the reason behind the investigation launched by the New York Attorney General’s office. There are still many questions about the exchange’s relations with Tether but the company now claims that it has repaid the remainder of the loan. The exchange explained that it initially paid $550 million to Tether in January after having paid back $100 million in the past two years. Bitfinex took the loan in 2018 after alleging that its Crypto Capital payments processor stole $850 million.