BitPay Adds Shiba Inu to Roster of Cryptos for Merchants
BitPay has added Shiba Inu (SHIB) to the roster of accepted crypto assets available on the app. The move aims to address the “overwhelming demand” from investors and consumers. Merchants
BitPay has added Shiba Inu (SHIB) to the roster of accepted crypto assets available on the app. The move aims to address the “overwhelming demand” from investors and consumers.
Merchants Can Accept Shiba Inu
Merchants now can accept the meme coin for payments and consumers can buy, store and swap SHIB in the BitPay Wallet app.
The provider of Bitcoin and cryptocurrency payment services has recently announced that its prepaid Mastercard is compatible with Google Pay wallets.
The new functionality will allow US cardholders to use their Android mobile devices to make purchases in store and online using the crypto held in their BitPay wallet.
For a while, BitPay has been supporting Dogecoin (DOGE), another meme coin. DOGE was the first crypto asset to start off as a joke but rose to prominence in an ecosystem that thrives on the meme culture online.
Shiba Inu was created as an attempt to attract the same kind of following, looking for the viral effect that attracts buyers with FOMO (fear of missing out), thus driving prices higher.
The increased popularity puts SHIB in the top #15 since tracking from zero in May by market capitalization on CoinMarketCap just in time for holiday spending.
Stephen Pair, CEO of BitPay, said: “The Shiba Inu community is passionate about its coin and serious about giving those consumers places to spend SHIB. BitPay believes that the more community involvement from coin holders supports awareness and adoption helping to move the blockchain industry to pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Adam Aron, Chief Executive Officer at AMC, commented: “Attention #SHIBArmy: Our friends @BitPay decided to support Shiba Inu specifically because I asked, so AMC can take Shiba Inu for online payments of movie tickets and concessions. @AMCTheatres to be the first @BitPay client to accept Shiba Inu. Timing 60-120 days. This is a WOW!”
Andrew Choi, Director of Brand Marketing at Newegg, added: “We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies. Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com.”
BitPay’s addition of SHIBA is an opportunity for that network to expand internationally as a means of payments. Any merchant can accept cryptocurrency for purchases with Shiba Inu (SHIB) as well as Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDP, and USDC).
Reporting by Rick Steves. Filed 13 December 2021, 19:32 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
