Bitpay, the payment solution provider, has disclosed that it will soon be able to accept bitcoin, bitcoin cash, and ether, along with a couple of stablecoins. Bitpay to support ethereum cryptocurrency.
According to the company announcement, it was said that businesses could now accept Ethereum for purchases without the need for any integration or enhancements.
In addition, wallet users will be able to store and use Ethereum in a BitPay wallet, and holders of BitPay Prepaid Visa Cards will be able to top-up debit cards.
Previously, on the platform, there was only Bitcoin, Bitcoin Cash, and a few stablecoins.
BitPay also offers a stable coin settlement with (USDC), Gemini Dollar (GUSD), and Paxos Standard token (PAX), as well as 12 currencies, and a direct bank deposit in 37 countries.
The company said that it has chosen to promote blockchain payments on the Ethereum network for three primary reasons:
1) Company’s merchants, cardholders, and wallet users were asking for it
2) Ethereum has the second-highest market share behind Bitcoin.
3) Supporting payments on the Ethereum network, BitPay will soon be able to support ERC-20 tokens, namely, stablecoins.
The co-founder of Ether, Vitalik Buterin was pleased with the announcement, adding:
“It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real-world use cases for cryptocurrencies.”
Inclusion means customers will be able to use ether (ETH or Ξ) to:
- Buy gift cards on the BitPay app
- Top up your BitPay card
- Shop with BitPay merchants
Stephen Pair, CEO of BitPay said:
“BitPay is consistently at the forefront of using cryptocurrency to solve real-world problems and offer our global customers the best options to accept and pay with multiple blockchain assets.”
Ethereum, launched in 2015, is a blockchain-enabled smart contract platform. Since 2011, BitPay has reportedly processed almost $3 billion in payments.