BitPay Confirms Upcoming Support for Ethereum Payments

Crypto Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider BitPay today confirmed it is on the cusp of adding support for Ethereum (ETH) payments to simplify for their merchants the adoption of multiple cryptocurrencies as payments for goods and services.

BitPay facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.

Announced today, the move will give BitPay clients the ability to conduct and settle transactions using the second most valuable cryptocurrency. BitPay’s wallet users, in particular, will be able to benefit from the ability to store and use Ethereum in their wallets while BitPay Prepaid Visa Cardholders can top-up debit cards.

Why Ethereum?

The company explained three factors which played a role in their decision to add Ethereum. BitPay said the step to support ether came as their merchants, cardholders, and wallet users have a special eagerness for its coin and tokens to be used for real-world commerce. In addition, Ethereum has the largest community outside of Bitcoin.

"Third, by supporting payments on the Ethereum network, BitPay will be soon able to support ERC-20 tokens, namely, stablecoins,” it further states.

BitPay has been expanding non-volatile settlement solutions for its clients who can use it to cash out of digital assets more quickly than if they were to convert to dollars. On the merchant side, Bitpay has always allowed clients to settle in Bitcoin and Bitcoin Cash, but the firm has recently added options to settle in multiple stablecoins, including Circle USDC and Gemini Dollar.

BitPay was also granted a so-called Virtual Currency License by the New York State Department of Financial Services (NYDFS), which allows the company to set up merchant accounts to accept cryptocurrency payments.

Speaking about the new options, BitPay CEO Stephen Pair 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. As one of the largest crypto currencies by market cap and one used by thousands of companies, Ethereum is the next logical choice.”

"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," added Vitalik Buterin, founder and creator of Ethereum.