Bitfinex Pay to enhance security through U2F authentication

Bitfinex Pay will enhance its security through the integration of the authentication standard universal second factor (U2F). 

Bitfinex Pay is a payment service of a popular crypto exchange Bitfinex. This service of Bitfinex is planning to expand as much as possible globally for the merchant payments with very high security.

Because of the increasing hacking attacks and pishing like activities, all the tech startups needed to enhance their security, especially all the payment services. A recent case of Coinbase can be seen where CNBC covered the victims who faced a Coinbase account hack and lost a huge amount of funds.

Related: Coinbase is under fire for terrible customer service : Reports

So, Bitfinex Pay will now support authentication standard universal second factor (U2F). Bitfinex Pay will integrate U2F in their merchant payment services. 

Once a user completes the U2F verification then with a single confirmation, Merchant will receive his payment. 

U2F is basically a system which involves a USB pendrive like equipment, instead of a 2FA system, it goes through a verification by a notification or message. USB devices can be used in mobile as well as in laptops. 

This effort of the Bitfinex Pay will boost the users like Merchants, online stores because of this enhanced security. 

Paolo Ardoino, The chief technology officer of Bitfinex, shared about this integration in their service and said

“As a trailblazer in digital payments, Bitfinex Pay has already become a popular payment tool and with the addition of U2F, we are providing our users with further means of protecting themselves.”

Further he added that security keys will almost eliminate the possibility of the hackers to hack or access the wallet of users.

Read also: Nigerian regulators establishes fintech unit to study crypto