As much as cryptocurrency and the technology behind it a rather complex affair, there is a need to simplify them to a certain extent if they are to gain pedestrian use among citizens of the world. This is because fiat currency in itself is rather simple and so are most online payments and for cryptocurrency to truly become the currency of the future and possibly replace fiat currency, individuals need to have easy access to it and easy ability to spend it. This has been made possible through crypto exchanges as they are a way for individuals to acquire cryptocurrency and the process Is constantly being simplified even more.
According to a December 20, 2019 announcement from Bitfinex, their customers can now purchase cryptocurrency using both debit and credit cards which adds another layer of ease for the general public.
A New Way to Buy
According to the new announcement, this feature is available for all cryptocurrencies on the Bitfinex roster and works with a variety of credit and debit cards.
“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,” the statement says.
This is not the only major development at the Bitfinex as they recently partnered with Bitrefill to enable the purchasing of tokens over the lightning network which means her over 2,000 vouchers can be purchased using bitcoin. On top of this, the company has teamed up with Chainanalysis in order to access anti-money laundering measures which are becoming more and more important to cryptocurrency exchanges.
Bitfinex has also had an eventful year in general as they were the subject of an investigation from the New York Attorney General’s office along with Tether after it was revealed that Tether had given them exchange access to hundreds of millions of dollars in order to cover up liquidity issues. The case is still ongoing and it was also revealed that only 73 percent of Tether tokens are backed up with US dollars and not 100 as previously claimed.