Bitfinex Pay is a payment gateway facilitating online payments using various cryptocurrencies. The agreement, finalised on 8 April 2024, positions Awepay.io to contribute to the wider adoption of cryptocurrencies, including Bitcoin, Lightning, Ethereum, and Tether stablecoins, for both online and physical merchant transactions.
In the company press release, officials from Awepay.io highlighted the importance of inclusivity in driving progress. They also emphasised Awepay.io's commitment to developing payment solutions that help the unbanked and underbanked globally, facilitating borderless transactions. They noted the strategic timing of the collaboration, with traditional online payments gaining prominence and cryptocurrency acceptance becoming more mainstream.
Officials also acknowledged the challenge of educating merchants and consumers on cryptocurrency usage, stressing the need for extensive training and support to maximize the benefits of this payment method. The company's initial focus is on providing efficient resources to stakeholders to facilitate widespread adoption.
Bitfinex is a digital token trading platform that offers various services for traders and global liquidity providers. In addition to a suite of trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex’s strategy focuses on the aim to provide support, tools, and innovation for experienced traders and liquidity providers around the world.
In May 2023, Bitfinex partnered with Chile-based OrionX to promote financial inclusion in Latin America. With this partnership, Bitfinex would be able to expand its presence in Latin America, indirectly reaching millions of users, while supporting common education programs for local universities as it geared up to promote financial freedom and inclusion in countries such as El Salvador and Paraguay. Additionally, OrionX would benefit from Bitfinex’s crypto trading expertise, network, and product features such as crypto trading, staking, and lending.
In February 2024, Bitfinex Securities expanded its operations to El Salvador as a licenced digital assets service provider. The launch of Bitfinex Securities in El Salvador followed the country’s move in September 2021 to adopt Bitcoin as legal tender. January 2023 saw further progress with the approval of a digital asset regulatory framework, laying the foundation for fully operational Bitcoin-based financial markets.
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