The second-largest cryptocurrency by market cap, Ethereum quietly received a boost as the leading payment processor BitPay launches support for ETH, allowing merchants to start accepting Ethereum.
BitPay is believed to be the largest blockchain payment provider with extended services. The platform annually processes $1 billion in Bitcoin transactions in over 200 countries. Nevertheless, businesses find Bitpay as a convenient payment method and integrate it on their platforms to accept payment in Bitcoin, Bitcoin Cash and a handful of stablecoins including USD Coin, Gemini Dollar, and Paxos Standard Token. The addition of Ethereum now allows businesses to accept the second-largest cryptocurrencies for purchases. It also offers users to store Ethereum in their BitPay Wallet and make it convenient for BitPay prepaid Visa cards as well.
While commenting on Ethereum inclusion, Stephen Pair, the CEO of BitPay says;
“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 cryptocurrencies by market cap and one used by thousands of companies, Ethereum is the next logical choice.”
It’s worth noting that the current merchants associated with BitPay including Microsoft, Dis Networks, Newegg, Avnet, and FanDuel need not worry about the additional integration – they can start accepting ETH without an additional integration.
Perhaps the ETH inclusion was one of the reasons behind the quick boost in today’s trading value of ETH. The second-largest cryptocurrency is currently up with 2.48 percent within the past 24 hours. It is holding the market cap of $21,363,055,734 and trading at the value $198 against USD. Having said that, the news didn’t go unnoticed and Ethereum co-founder Vitalik Buterin expressed his views;
“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.”
In addition, BitPay was on the limelight in a recent Hog Kong protest as the region’s largest free publication, Hong Kong Free Press (HKFP) announced to accept donations in Bitcoin and Bitcoin Cash via the payment processor, BitPay. However, the organization alleges that BitPay was holding up bitcoin donation it received but BitPay is yet to make its stance.
Image Source – Bitpay Medium Page