Bitfinex, the Hong Kong-based cryptocurrency exchange will now enable investors to buy crypto assets with debit and credit cards. Users can directly buy Bitcoin (BTC), Ethereum, USDT and other ERC-20 tokens listed on the platform.
The announcement states, “Buy cryptocurrencies with your debit or credit cards on Bitfinex. Whether it’s Bitcoin, USDT, Ethereum, or any other ERC20 tokens, pick your favorite and purchase with your credit or debit cards directly.”
Bitfinex will now accept Master Card, Visa Debit and Credit cards. The user has to make a minimum purchase of $25 and there is no mentioned limit of maximum purchase. The platform will also allow multiple payment processor options.
Other exchanges with card payment facility
Bitfinex is not the first crypto exchange to launch a card payment facility. Leading cryptocurrency exchange Binance also allows its users to buy cryptocurrencies using fiat currencies including debit and credit cards. Major crypto exchange Coinbase also allows Coinbase cards for payments. Coinbase card is crypto powered visa debit card.
Recently, BitFlyer, the Tokyo based crypto exchange launched a feature named Instant Buy. This feature will allow European users to buy cryptocurrency with debit and credit cards.
Bitfinex recent upgrades
There have been two major upgrades of Bitfinex in recent times. The firm has teamed with Bitrefill. This will allow the clients to buy with Bitcoin over Lightning Network. Bitrefill is a crypto-only company. And it sells gift cards, prepaid mobile recharges and Lightning Network to customers across the globe.
Also, Chainalysis a New York-based analytics firm has developed a monitoring system to provide anti-money laundering compliance solutions to Bitfinex.
According to the company, these two upgrades will completely change the payments and spending habits of the users.
Well, before any user pays through a debit card or credit card to buy cryptocurrency, he has to make sure that the bank allows the buy or sell of crypto assets. As an example, all Indian banks are restricted to make any such kind of transactions according to the Reserve Bank of India. In such a case, the bank may freeze the user account to prohibit such transactions.