Bitfinex Pay, a cryptocurrency payment gateway, has integrated with MetaMask, a popular browser and wallet extension powered by ConsenSys, potentially allowing access to tens of millions of users.
The integration, which went live on Friday, provides Bitfinex Pay access to Metamask’s more than 10 million active users. MetaMask users will be able to send and receive cryptocurrency payments directly through the payment gateway by logging into their wallet.
Merchants who want to accept payments through Bitfinex Pay must first create an account and verify their identity with Bitfinex, the payment platform’s parent company. Merchants can embed the Bitfinex Pay widget on their websites once they have been verified.
The CTO of Bitfinex Pay, Paolo Ardoino, described MetaMask’s wallet as a “ubiquitous tool in the digital token space,” citing the protocol’s large userbase and role in introducing millions of new users to decentralized finance, or DeFi.
When asked about the future of cryptocurrency payments in general, Ardoino told ULTCOIN365 that digital assets will “disrupt the current payment industry by cutting out intermediaries while also reducing fees and friction.” He stated that it is “not a matter of if, but of when.”
MetaMask has been instrumental in attracting new users to the cryptocurrency market. According to ULTCOIN365, the platform has partnered with three crypto-focused custodians — BitGo, Qredo, and Cactus Custody — to bring more institutional capital to cryptocurrency. MetaMask’s collaboration with BitGo was particularly noteworthy given that the company was acquired by Galaxy Digital in May of this year.
As digital assets become more mainstream, demand for crypto payment gateways is expected to rise. Payment infrastructure is critical because it enables businesses to process cryptocurrency transactions in exchange for goods and services.
BitPay, a cryptocurrency payment provider, was instrumental in facilitating crypto transactions during the early days of the Bitcoin (BTC) revolution. The company is still involved in payment integration, having recently signed up with the e-commerce platform Shop.com.