Blockchain payments processor BitPay would soon add support for more cryptocurrencies, along with a possible Lighting Network integration.
While it was not disclosed which cryptos would be added to the platform next, there seem to be focus on the top performing blockchains with the highest market capitalisation.
BitPay, which has been operating since 2011, has become a leading Bitcoin payment service provider. According to its CEO Stephen Pair, the company conducts over a billion dollars a year in payment volume and has about 30 thousand active merchant accounts. Major enterprises like AT&T and Microsoft also use BitPay to allow customers to make transactions using cryptocurrency.
BitPay may be well-known for accepting Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) for online and in-store payments, but the management said customers are requesting different cryptocurrencies to be used for transactions.
In January 2020, BitPay has added support for XRP, the world’s third-largest cryptocurrency by market capitalisation.
XRP has been integrated on BitPay’s platform via Ripple’s open developer platform, Xpring. The two companies first partnered on the initiative in October. At the time, Sean Rolland, BitPay’s director of product, said that XRP can offer a payment option that is “fast, cost-effective and scalable.”
BitPay’s supported merchants, such as Microsoft and Dish Networks, can accept the cryptocurrency from customers. However, the first two merchants to accept XRP upon launch are – digital gift cards provider eGifter and humanitarian aid organisation CareUSA.
Although cryptocurrencies like Bitcoin have existed for more than a decade, their adoption by the mainstream has been rather lacklustre. However, U.S.-based BitPay has been one of the torch-bearers of the space when it comes to pushing the use of digital currencies among the masses.