Bitpay Expands Cryptocurrency Payment Options
BitPay, initially established as a Bitcoin payment platform, has significantly expanded its cryptocurrency support. The company now includes a variety of cryptocurrencies such as Uniswap, Chainlink, BNB, and others. This expansion aligns with BitPay’s mission to simplify cryptocurrency transactions for a wide range of users.
Stephen Pair, CEO of BitPay, emphasized the company’s dedication to making crypto payments more user-friendly. The addition of these new cryptocurrencies is seen as an open invitation for crypto users to engage in both necessary and luxury purchases using their digital assets.
BitPay’s clientele can now use their cryptocurrencies to buy products from high-profile merchants like Gucci, Ralph Lauren, and AMC Theatres. They can also handle significant expenses such as car and mortgage payments. Furthermore, BitPay is enhancing its platform by integrating payment support for additional cryptocurrencies like Cronos and Basic Attention Token.
This move by BitPay reflects a growing trend in the web3 space, where companies are increasingly facilitating the use of a broader range of tokens beyond Bitcoin. For example, the Bitcoin payment app Strike incorporated Tether’s USDT stablecoin last year.
Over the years, BitPay has gradually increased the number of supported cryptocurrencies on its platform. In 2020, Bitcoin transactions constituted 90% of the payments processed on BitPay. Since its inception in 2011 in Atlanta, BitPay has garnered over $70 million in funding from notable investors such as Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. This funding has supported the platform’s continuous evolution and expansion in the cryptocurrency payment sector.
