Leading cryptocurrency payment processing platform BitPay on October 2, 2019, unveiled support for Ripple’s XRP digital token for business payments and cross-border transactions.
BitPay Adds Support for XRP
U.S.-based blockchain payments firm BitPay has been pioneering the cryptocurrency adoption cause for multiple years. After bringing digital currencies like bitcoin (BTC) to major telecom giant AT&T, fantasy NFL platform FanDuel, and Cambridge-based accountancy firm BKL, BitPay has now added support for the third-largest cryptocurrency by market capitalization – XRP.
In a press release issued on October 2, 2019, BitPay announced that it had joined forces with Ripple’s developer initiative, Xpring, to enable business enterprises to accept XRP for payments in a safe, transparent, and legally compliant manner.
For the uninitiated, Xpring is Ripple’s incubation and investment arm in charge of identifying and choosing distributed ledger technology (DLT) projects with tangible potential. The arm also looks to enhance the utility of XRP token and, subsequently, grow the Ripple ecosystem. As reported by BTCManager on July 4, 2019, to date, Xpring has invested more than $500 million in over 20 fintech startups.
A Huge Boost to XRP
Per the announcement, the Bitpay/Xpring joint service is expected to be officially launched by the end of 2019. It’s also worth noting that due to the new partnership, BitPay Wallet and BitPay Prepaid Cardholders can also store and spend XRP token via BitPay merchants and businesses across the globe.
Sean Rolland, Director of Product, BitPay, said:
“BitPay customers are leveraging the promise of blockchain payment technology and with XRP can offer a payment option that is fast, cost-effective and scalable. The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space.”
Echoing Rolland’s sentiments was Ethan Beard, SVP of Xpring. The executive said:
“We’re excited to partner with BitPay to enable XRP for its thousands of merchants for everyday purchases and bills. This is key in advancing the proliferation and adoption of XRP as a medium of exchange to help solve real-world problems.”
Speaking of the options provided by BitPay, the payment processing firm allows its users to make payments in a slew of cryptocurrencies including bitcoin, ether, and bitcoin cash, among others. The platform also offers its customers the option to settle business invoices with Circle’s USDC and Gemini’s GUSD stablecoin.