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 have the ability 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 integrate the Bitfinex Pay widget on their websites.
Paolo Ardoino, chief technology officer of Bitfinex Pay, described MetaMask’s wallet as a “ubiquitous tool in the digital token space,” as evidenced by the protocol’s wide userbase and role in onboarding millions of new users to decentralized finance, or DeFi.
When asked about the future of cryptocurrency payments more generally, Ardoino told Cointelegraph that digital assets are “going to disrupt the current payment industry [by] cutting out intermediaries while also reducing fees and friction.” He said that 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 especially notable, given that the company was acquired by Galaxy Digital in May of this year.
Demand for crypto payment gateways is expected to increase as digital assets become more mainstream. Payment infrastructure is important because it allows businesses to process crypto transactions in exchange for goods and services.
Crypto payments provider BitPay has played an important role in facilitating crypto transactions during the early days of the Bitcoin (BTC) revolution. The company is still active in payment integration, having recently signed on e-commerce platform Shop.com.