TheCryptoUpdates
Press Release

Bitfinex and Bitrefill to Power Bitcoin Circular Economy with Lightning Network

ROAD TOWN, British Virgin Islands, December 4, 10:00 AM UTC, 2019 – Bitfinex, a state-of-the-art digital asset trading platform, and Bitrefill, a provider of digital gift cards and mobile airtime refills using bitcoin technologies, will enable customers to shop using bitcoin utilizing the first B2B settlement process deploying the Lightning Network. 

Bitfinex customers will be able to use bitcoin as a means of payment for a variety of services, including gaming, dining, entertainment and travel. Payment orders will be automatically settled between Bitfinex and Bitrefill using a customized Lightning-channel setup. 

Furthermore, Bitfinex customers will be able to shop for gift cards from hundreds of retailers worldwide and receive their voucher code instantly. In the background, both businesses will instantly settle payments automatically over the Lightning Network, eliminating the need for B2B credit term relationships. 

The provision of this new payment feature underlines Bitfinex’s commitment to building the new digital economy after the exchange recently introduced support for bitcoin deposits and withdrawals on the Lightning Network. Bitfinex and Bitrefill will utilize customized versions of Lightning to open large channels together, exceeding the default limits in place, but allowing better flow and reliability to users. 

‘Closing the loop’ for Bitcoin’s circular economy:

The joint initiative aims to ‘close the loop’ for bitcoin’s circular economy by integrating Bitrefill’s catalog into the Bitfinex.com website while leveraging the cutting-edge capabilities of the Lightning Network. Earlier this year, Bitfinex and Bitrefill were among a consortium of industry players exploring the development of open-source technology to enable token functionality on the Lightning Network, based on the RGB protocol. 

“We believe that getting bitcoin exchanges on to the Lightning Network early is integral to preparing for the next wave of adoption and building out a parallel economy for bitcoin,” said John Carvalho, CCO at Bitrefill. “This collaboration signals a new era for bitcoin commerce. We will continue to work closely with Bitfinex and other businesses to develop Lightning solutions and products that make living on crypto a reality.” 

“Bitcoin’s use as a means of payment represents an important milestone in the inevitable journey towards mass adoption,” said Paolo Ardoino, CTO at Bitfinex. “This is why the Lightning Network is so important. As an exchange, Bitfinex is at the forefront of developing solutions utilizing this technology. This venture with Bitrefill further demonstrates our commitment to the crypto ecosystem and all the great work that is being done.” 

Bitfinex customers will be able to use bitcoin in their account wallet to shop from Bitrefill’s international catalogue of more than 2,000 digital gift cards and mobile phone refills using Lightning Network connectivity services. 

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Bitfinex press contact: press@bitfinex.com 

About Bitfinex Founded in 2012, Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and financed trading for a wide selection of digital assets. Bitfinex’s strategy focuses on providing unparalleled support, tools, and innovation for professional traders and liquidity providers around the world. Visit www.bitfinex.com to learn more. 

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