Bitfinex Pay Launches ‘Auto-Convert’ Feature, Minimizing the Volatility Risk of Digital Token Payments - Bitfinex blog
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Bitfinex Pay-Your crypto payment solution

04 Oct Bitfinex Pay Launches ‘Auto-Convert’ Feature, Minimizing the Volatility Risk of Digital Token Payments

Posted at 09:57h in Media Releases by

ROAD TOWN, British Virgin Islands, October 4 2022 10:00 AM UTC  – Bitfinex, a state-of-the-art digital token trading platform, has launched a merchant dashboard for Bitfinex Pay, a payment technology that allows online merchants a means of receiving contactless and borderless digital token payments. The dashboard offers  vendors a suite of features including Auto-Convert, which enables  Bitcoin (BTC) payments to be converted automatically into Tether tokens (USDt), thereby minimising volatility risk.

“The auto convert feature enables merchants to remove the volatility risk associated with Bitcoin and other cryptocurrencies,” said Paolo Ardoino, CTO at Bitfinex Pay. “We keep working on expanding this feature, including an option which gives merchants ‘a slider’ where, for example, if a $100 payment is received, a merchant can choose to keep $5 in Bitcoin and convert the rest into Tether tokens.”

The Auto-Convert function enables merchants to automatically convert Bitcoin, Ethereum (ETH), Avalanche (AVAX), Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC) and Solana (SOL) into USDt, thereby removing volatility risk. For example, a merchant choosing to auto-convert BTC to USDt will have the payments it receives automatically converted into the stablecoin via an automated limit order made to the merchant’s Bitfinex exchange wallet. The currency conversion will take place every five minutes on any amount above $10.

The Bitfinex Pay widget can be integrated within a merchant’s website to facilitate online payments. Users can pay with ETH, BTC, Lightning Network BTC (LN-BTC) and USDt via Ethereum or Tron. Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex.

Customers of a merchant offering Bitfinex Pay simply click on the Bitfinex Pay button to be seamlessly directed to the Bitfinex payment gateway. After payment is made using a cryptocurrency accepted by the merchant, a customer will be redirected back to the merchant’s website. For further information, please visit Bitfinex Pay.

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About Bitfinex Pay

BFX Pay Limited is a digital token payment technology provider. Its solution, Bitfinex Pay, offers online merchants a means of receiving contactless and borderless digital token payments. The Bitfinex Pay widget can be integrated onto a website. Bitfinex Pay users can pay with Ethereum (ETH), bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether tokens (USDt) via Ethereum or Tron. Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex. 

Media Contact for Bitfinex Pay

Joe Morgan

Senior PR Manager

joe.morgan@bitfinex.com

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