September 26, 2023

One of the leading crypto exchange platforms, Bitifinex, announced on Thursday, April 14 that it now supports real-time payment solutions via the Single Euro Payments Area (SEPA).

The latest development comes after Bitifinex partnered with the fiat on-demand service provider, OpenPayd.

The adoption of the SEPA platform allows users to process quick euro-denominated transactions, which include deposits and withdrawals.

According to Bitifinex’s CTO, Paolo Ardoino, the firm’s partnership with OpenPayd is due to the ability of the company to provide Bitifinex access to the SEPA real-time platform and the rapid process of integration the API also provides.

The collaboration is part of the continued efforts of Bitifinex to provide enhanced premium services to its growing customer base. Doing this would position the company at the height it has envisioned for itself since its establishment.

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Enhanced Fiat Payments are Becoming Increasingly Needed

Many crypto exchanges worldwide are struggling to find the perfect fiat payment support for their respective platforms, and the requirement has been a challenge for most.

With the instant payments that SEPA brings to the fore, fiat payments will become easy to handle and navigate, which will no doubt enhance the experience of users on the platform.

Not only is Bitifinex the only crypto exchange to have integrated SEPA, but other crypto exchange firms operating within Europe are also focusing on onboarding SEPA to their platform to enhance the experience of their client base.

Binance partnered with Paysafe to facilitate instant payments for the Euro and British Pounds for its growing customers. The Paysafe platform enables SEPA for payments within Europe and Faster Payment Services for the U.K.

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OpenPayd Operational Across Europe

The OpenPayd service is available in most European countries, playing a significant role in its partnership with Bitifinex. To bolster its managerial ranks, the company recently announced two key appointments for this year: Daniel Beld, Head of Product Strategy, and Barry O’Sullivan, the new head of its payment infrastructure.

IANA Dimitrova, CEO of OpenPayd, disclosed that the company’s vision has always been to establish a disruptive financial service solution with a plug-and-play functional service system to allow users access to all the inherent benefits that come with the product.

This is what OpenPayd has set out to achieve, and this is what the company has enabled with the Bitifinex partnership.

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Furthermore, as the financial sector is increasingly evolving to meet present challenges and demand for quality service, the coming together of some of the largest crypto exchanges to bridge the gap between fiat and digital token transactions is a positive development toward the progress of the crypto industry.

Dimitrova further added that it is essential that Bitifinex, as one of the world’s largest crypto exchanges, offers its extensive customer base access to affordable and instant real-life payment services.

Going by what has been the growing trend in the industry, the latest partnership will help improve Bitifinex’s customers’ experience and accelerate the company’s potential to scale further.

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