Bitfinex has collaborated with cryptocurrency gift card provider Bitrefill to allow users to buy with bitcoin (BTC) and pay via Lightning Network.
Using bitcoin from their wallets, Bitfinex customers will be able to purchase more than 2000 digital gift cards and mobile phone refill options from Bitrefill’s catalog. It was announced on Wednesday, by the Bitfinex on its blog page. Playing, shopping, movies (such as Netflix) and transportation items are included in the gift cards. Gaming, dining, entertainment (such as Netflix) and travel categories are included in the gift cards.
To eliminate the need for credit-to-business (B2B) business relationships, Sweden-based Bitrefill explains the transaction process it uses. When customers pay in bitcoin, Bitfinex and Bitrefill may immediately settle transfers using the Lightning Network, a second layer transfer network that allows ultra-fast and cheaper transactions on top of the Bitcoin blockchain.
“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, eventually removing dependability on fiat rails,” noted John Carvalho, Chief Communications Officer at Bitrefill.
‘Closing the circle’ for the revolving economy of Bitcoin
The new project seeks to close the loop for the decentralized economy of Bitcoin by incorporating the inventory of Bitrefill into the platform of Bitfinex.com while utilizing the Lightning Network’s cutting-edge capabilities.
Bitfinex and Bitrefill also created a consortium earlier this year with other industry players. It is to explore the development of open-source technology to enable Lightning Network token functionality based on the RGB protocol.
“Bitcoin’s use as a means of payment represents an important milestone in the inevitable journey towards mass adoption. 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.” Said Paolo Ardoino, CTO of Bitfinex
What are B2B transactions?
A B2B transaction is simply a transaction where the customer is another business rather than an individual consumer. The transaction may involve goods, services, or a combination of both. The most obvious example of a B2B transaction is when a company purchases supplies for its operations.
However, many other types of transactions can also be classified as B2B transactions. For example, when a company hosts a luncheon for employees at a restaurant and uses a business credit card to pay for it, this would be a B2B transaction. The business making a B2B purchase can be anything from a large corporation to a solo freelancer using a business credit card to keep business and personal expenses separate.
Source: The Block Crypto, Medium.
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