Crypto payment service provider Bitpay has broadened its horizons by incorporating support for a wide array of cryptocurrencies. Among the newly added tokens are Uniswap, Chainlink, BNB, Cronos, and Basic Attention Token, along with “dozens more,” indicating a notable expansion in its services.
Stephen Pair, CEO of BitPay said: “These updates and all of the newly supported assets mark an invitation to crypto customers: pay for what you need and splurge on what you want,” He added that this move aligns with the growing trend of web3 companies facilitating access to a variety of tokens beyond bitcoin.
BitPay, which bills itself the world’s largest provider of Bitcoin and cryptocurrency payment services, says its customers can now use their cryptocurrency holdings to make purchases from major merchants like Gucci, Ralph Lauren, and AMC Theatres. They can also use their digital assets for different transactions such as car and mortgage payments.
Historically, BitPay has been a key player in the crypto payment sector, processing a high volume of bitcoin-based transactions. In 2020, about 90% of the payments on BitPay’s platform were in bitcoin. However, it added support to payments in ERC-20 tokens on the Polygon network in 2022.
BitPay’s approach mirrors a broader trend in the cryptocurrency sector, where companies are increasingly diversifying their offerings to include a variety of digital tokens. This is evident in actions like the bitcoin payments app Strike adding support for Tether’s USDT stablecoin last year.
BitPay facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. On the merchant side, Bitpay allows clients to settle in Bitcoin, Ethereum and Bitcoin Cash, and has recently added options to settle in multiple stablecoins.
BitPay allows users to purchase cryptocurrency directly in the App with bank cards thanks to a partnership with payment provider Simplex. In total, it currently supports 12 cryptocurrencies including BTC, BCH, DOGE, ETH, LTC, WBTC, XRP and stablecoins BUSD, DAI, GUSD, PAX and USDC.
The Atlanta-based company has raised over $70 million since its inception in 2011 from investors including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth.