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Bitcoin Payment Processor BitPay Adds Support For Ethereum

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Bitcoin Payment Processor BitPay added support for Ethereum (ETH) to provide merchants and businesses one more option to receive settlement for their payments without the need for any integration or enhancements.

BitPay plans to go live with Ethereum support in the coming weeks for BitPay merchants and BitPay wallet holders. The wallet users will also be able to store and use Ethereum in a BitPay wallet and BitPay Prepaid Visa Card holders can top up debit cards.

While BitPay still remains focused on Bitcoin (BTC) for executing payment transactions, it added settlement support last year for Bitcoin Cash (BCH) as well as stablecoins USD Coin (USDC) from Circle, Gemini dollar (GUSD) from Gemini and Paxos Standard (PAX) from Paxos.

BitPay said Ethereum was the next logical choice as it is one of the largest crypto currencies by market cap and the one used by thousands of companies. Ethereum, launched in 2015, is a blockchain enabled smart contract platform.

Paying in cryptocurrencies is seen as the most preferred method among the new generation as they benefit from easy, fast and secure transactions at lower transaction fees. This will also help customers conveniently shop without having to enter any card information for online payments.

BitPay is looking to take advantage of the expected strong growth in Bitcoin users from the current less than 10 million to more than 200 million by 2024. The global mobile payment revenue is also estimated to reach more than $1 trillion in 2019.

In July last year, BitPay had become the first blockchain payment processor and the first non-exchange to secure a BitLicense, a virtual currency license, from the New York Department of Financial Services (NYDFS). This allowed BitPay to facilitate payment in Bitcoin between merchants and consumers in the State of New York.

BitPay said in January that over $1 billion in payments was processed on the platform in 2018. BitPay calculates prices displayed on BitPay invoices in 150 currencies and can settle in over 200 countries.

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