As per the latest reports, Bitfinex has made an announcement for its users and potential users. The firm has announced that it is looking forward to providing more security and privacy to its users. Bitfinex has announced that it is going to achieve it by adopting Universal Second Factor (U2F), which is an authentication standard.
The firm has announced that with the help of the U2F, it will be able to offer more security and privacy to its users. Bitfinex is one of the famous cryptocurrency exchanges that has been around since 2013. It is currently one of the most prominent cryptocurrency exchanges in the entire crypto-sector.
Ever since the number of scams and hacks have started taking place in the cryptocurrency sector, every major/minor exchange is very much concerned. Although the cryptocurrency exchanges have very high-security infrastructures, the hackers do manage to find a backdoor and carry out their hacks.
As the majority of the cryptocurrency industry is mainly decentralized, therefore, it is almost impossible to catch such criminals. This is the reason why the cyber crime rate in the cryptocurrency sector is constantly on the rise. Therefore, to fight off the scams and hacks, Bitfinex is trying to make its transaction channels securer and more protected than they currently are.
The cryptocurrency exchange has announced that the U2F will be integrated into Bitfinex Pay, which is the merchant payments service that the exchange offers.
With the U2F integrated into its Bitfinex Pay feature, the merchants and stores running on the online platform would gain exposure to cryptocurrencies. The merchants and stores would be able to take payments in the form of cryptocurrencies for the services and goods they offer users.
The firm has announced that the merchants and stores will be able to accept payments in the form of Tether (USDT), Lightning Network Bitcoin (LN-BTC), Ether (ETH), and Bitcoin (BTC). The users will be able to avail of these services through the Tron and Ethereum blockchains.
Bitfinex has revealed that the users would be able to choose the Bitfinex Pay gateway at the time of checkout at their preferred merchant. Once the users have made the payment, they will be returned to the website page of the merchant where they made the purchase.
Once the user has made the payment, it will be confirmed by the system and after that, it will be sent over to the merchants. The payment will be sent to the wallet address that the merchants will have attached with the Bitfinex platform.
Furthermore, Bitfinex will also be introducing a physical USB device for the U2F key, which would act as a replacement for methods such as two-factor authentication. The two-factor authentication methods include application notifications and text messages.
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