MetaMask integrates with Bitfinex Pay amid growing demand for crypto payments
The crypto payment gateway Bitfinex Pay has integrated with MetaMask, the popular browser and wallet extension powered by ConsenSys, potentially opening the door to tens of millions of users.
The integration, which officially went live on Friday, gives MetaMask’s more than 10 million active users access to Bitfinex Pay. By logging into their wallets, MetaMask users will be able to send and receive cryptocurrency payments directly through the payment gateway.
Merchants wishing to accept payments through Bitfinex Pay must first register an account and verify their identity with Bitfinex, the parent company of the payment platform. Once verified, merchants can embed the Bitfinex Pay widget on their websites.
Paolo Ardoino, CTO of Bitfinex Pay, described MetaMask’s wallet as a “ubiquitous tool in the digital token space”, as evidenced by the protocol’s large user base and its role in integrating million new users to decentralized finance, or DeFi.
Asked about the future of cryptocurrency payments more generally, Ardoino told Cointelegraph that digital assets “will disrupt the current payments industry. [by] by eliminating intermediaries while reducing costs and friction. He said it is “not a question of if but just when”.
MetaMask has played a pivotal role in bringing new users to the cryptocurrency market. As Cointelegraph reported in October, the platform has partnered with three crypto-focused custodians – BitGo, Qredo, and Cactus Custody – to bring more institutional capital to crypto. MetaMask’s partnership with BitGo was particularly noteworthy, given that the company was acquired by Galaxy Digital in May of this year.
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The demand for crypto payment gateways is expected to increase as digital assets become more mainstream. The payment infrastructure is important because it allows businesses to process crypto transactions in exchange for goods and services.
Crypto payment provider BitPay played an important role in facilitating crypto transactions at the start of the Bitcoin (BTC) revolution. The company is still active in payment integration, having recently signed up to the Shop.com e-commerce platform.