BitPay, a leading crypto payment service provider, has expanded its support to include a wide range of cryptocurrencies. The newly added tokens include Uniswap, Chainlink, BNB, Cronos, and Basic Attention Token, among others. This move signifies a significant expansion in the company’s services.
Stephen Pair, CEO of BitPay, stated that these updates and the newly supported assets are an invitation to crypto customers to pay for what they need and splurge on what they want. He further noted that this move aligns with the growing trend of web3 companies facilitating access to a variety of tokens beyond bitcoin.
BitPay, which considers itself the world’s largest provider of Bitcoin and cryptocurrency payment services, now allows its customers to use their cryptocurrency holdings to make purchases from major merchants such as Gucci, Ralph Lauren, and AMC Theatres. Customers can also use their digital assets for different transactions, including car and mortgage payments.
Historically, BitPay has been a significant player in the crypto payment sector, processing a high volume of bitcoin-based transactions. In 2020, about 90% of the payments on BitPay’s platform were in bitcoin. However, in 2022, it added support for payments in ERC-20 tokens on the Polygon network.
This approach by BitPay reflects a broader trend in the cryptocurrency sector, where companies are diversifying their offerings to include a variety of digital tokens. An example of this trend is the bitcoin payments app Strike adding support for Tether’s USDT stablecoin last year.
BitPay facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. On the merchant side, Bitpay allows clients to settle in Bitcoin, Ethereum and Bitcoin Cash, and has recently added options to settle in multiple stablecoins.
BitPay also allows users to purchase cryptocurrency directly in the App with bank cards, thanks to a partnership with payment provider Simplex. Currently, it supports 12 cryptocurrencies including BTC, BCH, DOGE, ETH, LTC, WBTC, XRP and stablecoins BUSD, DAI, GUSD, PAX and USDC.
The Atlanta-based company has raised over $70 million since its inception in 2011 from investors including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Stephen Pair |
| Companies | Founders Fund, Polygon, Strike, Index Ventures, AMC Theatres, Ralph Lauren, Bitpay, Simplex, Gucci, Aquiline Technology Growth, Chainlink, Tether, Uniswap, Virgin Group |
| Currencies | Ethereum, Chainlink, Bitcoin, Uniswap |
| Securities | None |
