Crypto payment processor BitPay will be expanding its list of supported coins with XRP, a top three crypto and the native coin of the Ripple Network.
According to BitPay, the company has established a partnership with Ripple’s Xpring unit in order to implement XRP on its platform to allow businesses and merchants to support payments in the crypto.
“XRP can offer a payment option that is fast, cost-effective, and scalable,” stated BitPay director of product, Sean Rolland.
The wallet users and prepaid cardholders of BitPay’s service will be enabled through the Xpring collaboration to store and make purchases with XRP through its network of merchants and businesses.
A month ago, BitPay listed the ether (ETH) cryptocurrency on its platform. The service currently supports payments in Bitcoin (BTC) and Bitcoin Cash (BCH), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX).
BitPay has a processing volume of $1 billion in 2018, as well as in 2017, with payments being made by leading businesses, such as Microsoft, Dish Networks, FanDuel and Avnet.
“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world,” co-founder and CEO of BitPay, Stephen Pair, declared at that time.
The company said back in January that it has seen a growth of 255% from the previous year as “law firms, data center providers, and IT vendors signed up to accept Bitcoin,” but no other numbers were disclosed.
In other related news, BitPay has been facing criticism from the community, as it changed the ID verification requirements for payments, refunds, and payouts that are higher in value, and also allegedly freezing Bitcoin donations to Hong Kong Free Press (HKFP).
While the company has managed to move past these issues, in the future there might be some problems, as the proposed update release for the Bitcoin core client might remove its payment addresses from the BTC network. This is because BitPay is among the few wallets and payment services that have not migrated from the BIP70 payment address format.
Featured image: Cryptobit
Credit: Source link