Ethereum For Shopping: Cryptocurrency Appears In A Major Payment Service
The BitPay cryptocurrency processing team decided to add Ethereum cryptocurrencies available for operations to the list. The update will allow entrepreneurs to accept ETH as payment, and users to store the asset in a wallet developed by the company's specialists. The relevant information appeared on the BitPay blog.
BitPay keeps working with Bitcoin, Bitcoin Cash, USDC, GUSD, and PAX. The processing service also offers its customers settlements in 12 fiat currencies. The company team explained the decision to add ETH with the following reasons:
- A large part of BitPay users has expressed a desire to work with ETH.
- ETH is the second most popular cryptocurrency following Bitcoin.
- Support for payments on the ETH will open the way for BitPay to interact with ERC-20 standard tokens.
It is known that the ability to conduct settlements using ETH will also be given to holders of Visa BitPay debit prepaid cards. The update was commented by Ethereum CEO Vitalik Buterin:
Good to see ethereum starting to be integrated into more cryptocurrency payments solutions! https://t.co/et9lUyirTw
— Vitalik Non-giver of Ether (@VitalikButerin) September 17, 2019
According to the expert, the use of ETH in BitPay will open up a “new world of opportunities” to the cryptocurrency ecosystem. At the same time, Vitalik Buterin believes that Ethereum and BitPay will be able to continue work, the purpose of which is to bring into the world the possibilities of the practical application of a new financial instrument.
BitPay was founded in 2011. In 2018, the processing service received a BitLicense from the New York regulator. Earlier in April of the same year, the company managed to raise $ 40 million to develop new markets, develop B2B payments and expand the team.