The currency conversion will take place every five minutes on any amount above $10.
Bitfinex Pay, a payment technology that allows online merchants a means of receiving contactless and borderless digital token payments, has launched a merchant dashboard.
The dashboard offers vendors a suite of features including Auto-Convert, which enables Bitcoin (BTC) payments to be converted automatically into Tether tokens (USDt), thereby minimising volatility risk.
Bitfinex Pay is the payments division of crypto exhange company Bitfinex.
Auto-Convert automatically converts BTC payments to USDt
Paolo Ardoino, CTO at Bitfinex Pay, said: “The auto convert feature enables merchants to remove the volatility risk associated with Bitcoin and other cryptocurrencies. This new feature effectively gives merchants ‘a slider’ where, for example, if a $100 payment is received, a merchant can choose to keep $5 in Bitcoin and convert the rest into Tether tokens.”
The Auto-Convert function enables merchants to automatically convert Bitcoin, Ethereum (ETH), Avalanche (AVAX), Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC) and Solana (SOL) into USDt.
The feature removes volatility risk as USDt is pegged to the US Dollar in a 1:1 ratio. A merchant choosing to auto-convert BTC to USDt will have the payments it receives automatically converted into the stablecoin via a market order made to the merchant’s Bitfinex exchange wallet.
The currency conversion will take place every five minutes on any amount above $10.
Payments are directly deposited into a merchant’s exchange wallet on Bitfinex.
The Bitfinex Pay widget can be integrated within a merchant’s website to facilitate online payments. Users can pay with ETH, BTC, Lightning Network BTC (LN-BTC) and USDt via Ethereum or Tron. Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex.
Customers of a merchant offering Bitfinex Pay simply click on the Bitfinex Pay button to be seamlessly directed to the Bitfinex payment gateway. After payment is made using a cryptocurrency accepted by the merchant, a customer will be redirected back to the merchant’s website. For further information, please visit Bitfinex Pay.
