BitPay, the largest crypto payments provider, which facilitates over $1 billion in Bitcoin transactions annually, will soon accept ethereum, the second-largest cryptocurrency by market capitalization, according to an announcement from the company today.
Stephen Pair, the CEO of BitPay stated:
“BitPay is consistently at the forefront of using cryptocurrency to solve real-world problems and offer our global customers the best options to accept and pay with multiple blockchain assets. As one of the largest cryptocurrencies by market cap and one used by thousands of companies, Ethereum is the next logical choice.”
BitPay has been expanding non-volatile settlement solutions for its clients who can use it to cash out of digital assets more quickly than if they were to convert to dollars. On the merchant side, Bitpay has always allowed clients to settle in Bitcoin and Bitcoin Cash, but the firm has recently added options to settle in multiple stablecoins, including Circle USDC and Gemini Dollar.
Vitalik Buterin, co-founder and creator of Ethereum, also commented on the development:
“It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real-world use cases for cryptocurrencies.”
BitPay, which was founded back in 2011, became a trailblazer in the realm of cryptocurrency payments. As of now, the company boasts such huge clients as Microsoft and Newegg.
However, the company was recently under fire for suspending Bitcoin donations to Hong Kong Free Press.