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Bitfinex and Bitrefill to Power Bitcoin Circular Economy with Lightning Network

Bitfinex and Bitrefill to Power Bitcoin Circular Economy with Lightning Network

Bitrefill, a provider of digital gift cards and mobile airtime refills using bitcoin technologies, has followed Bitfinex’s move to add support for the Lightning Network. The feature will enable customers to shop using bitcoin utilizing the first Business-to-Business (B2B) settlement process deploying the Lightning Network.

Bitcoin can be used as a means of payment for various services, including gaming, dining, entertainment and travel. In addition, Bitfinex customers can shop for gift cards from hundreds of retailers worldwide and receive their voucher code instantly. Payment orders will be automatically settled between Bitfinex and Bitrefill using a customized Lightning-channel setup, eliminating the need for B2B credit term relationships.

This means 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.

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.

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Bitfinex and Bitrefill aim to ‘close the loop’ for bitcoin’s circular economy by integrating Bitrefill’s catalogue into website while leveraging and utilizing the cutting-edge capabilities of Lightning Network to open large channels together, exceeding the default limits in place, but allowing better flow and reliability to users.

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.

John Carvalho, CCO at Bitrefill
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