- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
The crypto payment provider BitPay has enhanced its payment processing systems to include 3 more stablecoins which are Circle’s USD Coin (USDC)trade, Gemini Dollar (GUSD), and Paxos Standard Token (PAX). Tether (USDT), the most popular stablecoin by huge margins (and occasionally even the most traded cryptocurrency by volume), is still out.
The total count of the digital currencies that are now supported by the company is six. The number comprises of the popular cryptocurrencies Bitcoin(BTC)trade, Bitcoin Cash (BCH), and Ethereum (ETH)trade. The announcements, made in a press release, come two months after BitPay has announced that it would be adding support for Ethereum on its platform as well. The company had also stressed that it is working on including the third-largest cryptocurrency by market capitalization Ripple (XRP)trade by the end of this year.
BitPay has been focusing on adding more stablecoins to its payment option basket because stablecoins tend to be more volatility-resilient. The three new additions to the basket are all pegged to the U.S. dollar and that contributes to the immutable nature of these digital coins.
Stephen Pair, the CEO of BitPay, states in the press release:
“Accepting or paying with stablecoins opens up new possibilities for global businesses that require the stability of the dollar but the security and efficiency of blockchain payments.”
BitPay focuses on deploying its digital infrastructure in areas where there is a greater chance of improving payment solutions supplemented by cryptocurrency transactions; in fact, this is the selling point of the company.
The company seeks to support the businesses that want to invoice customers without incurring the cost of cross-border wire payments which are made worse off performance by bottlenecks that cuase huge delays.
Blockchain-based transactions, as a digital solution to payments, cannot only remove the interference and delays resulted in the services of third parties, but can also improve the rate at which the transactions can take place. According to Stephen Pair, “Customers can send and receive payments using fast, efficient, and volatility free dollar-pegged stablecoins.”
Meaningful Partnerships to Enable Crypto Payments
The Atlanta based BitPay was founded in 2011 by Tony Gallippi and Stephen Pair. It provides payment services to a broad range of customers. Last year, it had processed payments of over $1 billion which makes it one of the largest and most popular digital payment service providers in the world.
It has almost 30,000 merchants using its service which promises to open up a $250 billion cryptocurrency market to them. The firm is backed by notable investors, having raised over $70 million in funding from Peter Thiel’s Founders Fund, Nimble Ventures, and Virgin Group, among others.