The largest Bitcoin payment service provider BitPay has announced its support for Ethereum, the second most preferred cryptocurrency according to its market dominance.
Headquartered in Atlanta, US, BitPay is a popular payment service provider for merchants who accept Bitcoin and Bitcoin Cash as payments. While it also supports fiat currency and a small number of other stablecoins, its selling point, till date, remains Bitcoin transactions.
A firm that facilitates over one billion dollars ($1 billion) in Bitcoin transactions per year will now integrate support for Ethereum and enable merchants globally to accept payments and facilitate cross-border payments in the said currency.
What Ethereum’s addition means to a Bitcoin payment service provider
For Ethereum co-founder Vitalik Buterin, Ethereum’s incorporation into BitPay will lead the way for its mainstream adoption globally. Per him, Ethereum has the potential to tackle real-world problems, yet its acceptance remains a challenge to date. Together with BitPay, Ethereum can now explore a world of possibilities, Buterin remarks eagerly.
As for BitPay, Ethereum integration meant another potential currency under its belt. According to the company’s CEO, Stephen Pair, BitPay is continuously on the lookout for ways to surpass the customers’ expectations. Blockchain and cryptocurrency arena has been on the upswing ever since its beginning. Thus, it is only wise that the firm keeps exploring newer products and services to integrate into the system.
Speaking about Ethereum’s addition, Pair explained that the cryptocurrency shows immense potential in terms of its market capitalization. Adding it into the system was only sensible as it aligns with BitPay’s mission to serve its customers with the best possible options for payment.
While Ethereum’s addition serves as one meaningful step towards its growth, it has not been all plain sailing for the payment provider. While less than a month ago, its partnership with blockchain service provider Blockchain Inc. went through a rough patch, Hong Kong Free Press decided to take it Twitter for BitPay arbitrarily freezing its Bitcoin transactions.