By Shelly Melancon (Switzerland)
The merger between Bitfinexpay and Metamask is a chance for millions of the former’s users to access Metamask’s Consensys-built browser-enabled wallet extension. As of the time of integration, Bitfinex already had over 11m active users. Also, Metamask users can now use the Bitfinex payment gateway to send and receive payments in digital currencies.
Bitfinex And Metamask’s Onboarding Process
Small business owners can start supporting transactions using Bitfinex pay once they are registered, and their details have been confirmed. They can also integrate the payment platform’s widget into their websites. One of Bitfinex’s top-level executives, Paolo Ardoino, opined that Metamask’s large user base and simple onboarding system make it an essential tool for the DeFi space.
Ardoino further said that digital currency payments (through DeFi) would eventually phase out the traditional finance system, which is already happening. Metamask continues to be responsible for the onboarding of more users into the digital asset space. As widely reported, the platform sought more institutional investments into the digital currency space through a recent partnership with a few crypto-related custodians. Its collaboration with Bitgo was astonishing as Galaxy Digital bought over the firm just five months ago.
The rise in the popularity of digital assets will cause increasing requests for digital asset payment integrations. During the early periods of the bitcoin revolution, Bitpay was crucially responsible for supporting crypto transactions. The company’s recent partnership with shop.com (a popular e-com platform) proves that its payment integration system is still active.
Paytm Might Support Bitcoin Payment Soon
The leading virtual payment platform in India, Paytm, has revealed it might support bitcoin payments once the authority gives crypto regulation clarity. Paytm is one of India’s trailblazers in digital payments, following its establishment over a decade ago. The company also provides finance and ecom-related services along with its digital payment services. The platform’s website claims that over 25 million business owners accept direct bank deposits through its QR code.
One of Paytm’s high-ranking officers, Madhur Deora, revealed in a recent interview that the company does not support bitcoin payments for now because there are no clear regulations about it. Indian authorities are yet to make a firm decision on its position in the digital asset industry. Hence, investors don’t know whether the government is for or against cryptocurrency.
India’s Crypto Policy Indecision
Early last year, the courts reversed India’s apex bank’s ban on crypto trading. While the government has repeatedly stated its desire to develop crypto policies, no proposal has been forwarded to the legislature for approval as of this writing. India’s ministries and financial systems are on opposing sides regarding cryptocurrency adoption.
However, various metrics estimate the number of crypto holders in India to exceed 100 million, suggesting an astronomical increase in Indian crypto holders. Paytm’s announcement comes seven days before it launches its initial public offering (IPO). Asides from Paytm, top digital payment solutions are making various attempts at supporting BTC payments on their platform. Paypal and Twitter are notable companies that have launched a variation of BTC-supported payment options.
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