The software cryptocurrency wallet MetaMask is merging with the cryptocurrency payment gateway Bitfinex Pay in order to make payments easier for millions of users. After going live on Friday, the integration enables MetaMask users to make and receive cryptocurrency payments by entering into their own digital currency wallets.
In addition, businesses that desire to take payments using Bitfinex Pay must first complete the Bitfinex account registration procedure before they can begin accepting payments. The merchants will be allowed to incorporate Bitfinex Pay on their websites after the successful conclusion of the testing phase.
As explained by Paolo Ardoino, the chief technical officer of Bitfinex Pay, MetaMask’s wallet may be found almost anywhere in the “digital token universe.” Ardoino made this statement in response to the former’s large user base and vital role in attracting a large number of people to the DeFi platform.
In accordance with Cointelegraph, MetaMask has established collaborations with three crypto-centric custodians, including BitGo, Qredo, and Cactus Custody, among others. The primary goal of these collaborations is to attract more institutional money to cryptocurrency, a trend that has already begun to take form and shows no indications of abating any time in the foreseeable future.
Particularly interesting is MetaMask’s cooperation with BitGo, given that Galaxy Digital purchased the latter earlier this year, in May. Stock and cash were exchanged for $1.2 billion in the crypto and blockchain-focused financial services and investment management firm.
Holders of Metamask wallets who have installed the wallet on their browser or smartphone will be able to make payments from their accounts using Bitfinex Pay as a result of the integration.
Those who are signed into their wallet will be requested to confirm their payment on a pop-up screen, but those who are not logged in will be prompted to confirm their payment on a pop-up window, which will appear on their screen.
A user’s wallet confirmation is received by the Bitfinex Pay pop up window, which waits for the necessary network confirmations before confirming the payment.
According to Paolo Ardoino, Chief Technology Officer of Bitfinex Pay, “The Metamask wallet has become a ubiquitous utility in the digital token sector, and we’re thrilled that we’ve been able to integrate Bitfinex Pay into this very popular application.”
Both Bitfinex Pay and Metamask are carving out major positions in the digital token ecosystem, according to the report. Eligible merchants must first register for a Bitfinex account, verify the account to at least the intermediate level, and then submit an application for merchant verification before they may begin accepting Bitfinex Pay payments.
A merchant sub-account may be formed when the verification process has been completed successfully. Afterwards, merchants may embed the Bitfinex Pay widget onto their own websites or applications. Demand for cryptocurrency payment gateways is expected to rise as digital assets become more widely accepted. This is based on common agreement.