Utilizing Bitcoin as a payment method can only be done on select platforms. One way to circumvent these limitations is by purchasing gift cards with cryptocurrency and complete one’s shopping that way.
Bitrefill and Bitfinex are now bringing this functionality to their users. Over 2,000 gift cards and refills are supported at this time.
A Crucial Development for Bitfinex
It has been a very interesting week for the Bitfinex exchange. Just yesterday, they became one of the first big exchanges to support Bitcoin’s Lightning Network for both deposits and withdrawals. That in itself is a significant development, as most trading platforms steer away from this technology these days.
The second piece of new comes in the form of a new collaboration with Bitrefill. This latter company is a provider of digital gift cards and mobile airtime refills. Their catalog spans over 2,000 prepaid vouchers products, making it a valuable addition to the cryptocurrency ecosystem.
Starting this week, Bitfinex customers can use their bitcoin account balance to purchase the products provided by Bitrefill. This functionality will be accessible to customers globally, as Bitrefill’s products span 170 countries. That makes it one of the most encompassing service providers in the cryptocurrency space today.
Lightning Network Supported
It is crucial to point out the purchasing of Bitrefill’s products will occur over the Lightning Network. Both companies will instantly settle payments through a dedicated channel setup.
Bitrefill COO John Carvalho adds:
“We believe that getting bitcoin exchanges on to the Lightning Network early is integral to preparing for the next wave of adoption and building out a parallel economy for Bitcoin. This collaboration signals a new era for Bitcoin commerce.
We will continue to work closely with Bitfinex and other businesses to develop Lightning solutions and products that make living on crypto a reality, eventually removing dependability on fiat rails”
This key partnership is just one example of utilizing the full potential of Bitcoin. Integrating product offerings into one of the biggest exchanges in the world and utilizing the Lightning Network sends a powerful message. Bitfinex CTO Paolo Ardoino comments:
“Bitcoin’s use as a means of payment represents an important milestone in the inevitable journey towards mass adoption. This is why the Lightning Network is so important.
As an exchange, Bitfinex is at the forefront of developing solutions utilizing this technology. This venture with Bitrefill further demonstrates our commitment to the crypto ecosystem and all the great work that is being done.”