BitPay Adds XRP for Merchants, Retail Customers
BitPay will expand its portfolio and give another use case to XRP.
BitPay, one of the oldest payment services, is preparing to add XRP across all its products. The asset, which despite the promises sees limited use cases, will be added to the growing payment options. BitPay is currently on an expansion, as it has become a fully compliant payment service.
Now with KYC, BitPay is in effect performing the actions of a fintech app. Bitpay has also joined the Xpring developer initiative, while adding XRP payment functionalities.
“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,” said Sean Rolland, Director of Product at BitPay. “The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space.”
The news arrived just days after Ripple performed a pivot on its products, uniting xRapid and xCurrent under the hood of a single RippleNetwork product. This means XRP is elective to use for both banks and retail customers.
“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,” said Ethan Beard, SVP of Xpring.
BitPay wallet will also integrate xPring, to allow developers to build various payment options for business. The payment service now reaches more than 200 countries, and allows the processing of 150 fiat currencies. The service processes about $1 billion annually, taking on board large-scale merchants.
BitPay has recovered its positions as the leading payment solution for blockchain money transfers. After limiting its service in late 2017, due to high network fees, BitPay is once again one of the leading payment solutions.
After the news, XRP remained once again stagnant at $0.24. The asset is spreading to new exchanges in the crypto ecosystem, but is still surrounded by skepticism. XRP is not carried by a blockchain, but by a series of 31 elected servers, of which Ripple runs seven nodes.