BitPay, a leading blockchain payments provider, has announced plans to integrate XRP, the third-largest cryptocurrency by market cap, into its platform by year's end. The partnership with Ripple's Xpring unit will enable businesses and merchants to accept XRP payments, offering a fast, cost-effective, and scalable payment option. BitPay customers will also be able to store and spend XRP through the platform's merchants and businesses.
BitPay to Integrate XRP, Bolstering its Cryptocurrency Payment Platform
Blockchain payments provider BitPay has announced its plans to incorporate support for XRP, the third-largest cryptocurrency globally by market capitalization, into its platform by the end of 2021. This move, exclusively revealed to The Block on Wednesday, marks BitPay's latest partnership with Ripple's Xpring division, aimed at enabling businesses and merchants to seamlessly accept XRP payments.
"XRP presents a swift, economical, and versatile payment option," remarked Sean Rolland, BitPay's Director of Product. "By integrating XRP, we can offer our customers an unparalleled range of digital asset payment solutions."
BitPay's collaboration with Xpring will extend the accessibility of XRP to the company's wallet users and prepaid cardholders, allowing them to effortlessly store and expend XRP through BitPay's expanding network of merchants and businesses. This announcement follows BitPay's recent addition of support for Ether (ETH) in March 2021, solidifying its position as a comprehensive cryptocurrency payment gateway.
In addition to XRP and ETH, BitPay supports payments in Bitcoin (BTC) and Bitcoin Cash (BCH), along with three stablecoins: USD Coin (USDC) jointly issued by Circle and Coinbase, Gemini Dollar (GUSD), and Paxos Standard Token (PAX). These stablecoins are designed to maintain a stable value pegged to the US dollar.
BitPay's platform has facilitated over $1 billion in payments annually from international merchants, including Microsoft, Dish Networks, FanDuel, and Avnet. "BitPay's business-to-business operations are experiencing rapid expansion, driven by our solution's cost-effectiveness and expedited speed compared to traditional bank wires in various regions worldwide," stated Stephen Pair, Co-Founder and CEO of BitPay.
The addition of XRP to BitPay's platform is a strategic move that aligns with the increasing adoption of cryptocurrencies for commercial and retail transactions. XRP's fast settlement times, low transaction costs, and global scalability make it an attractive payment option for businesses seeking to streamline their payment processes.
As the cryptocurrency market continues to evolve, BitPay's comprehensive payment platform positions the company as a prominent player in the emerging digital asset economy. With the integration of XRP, BitPay expands its suite of payment solutions, empowering its clients to harness the benefits and utility of cryptocurrencies within their business operations.
