BitPay to Extend XRP Support For Cross-Border Payments
BitPay, one of the most prominent blockchain payments providers across the world, is all set to add support for Ripple’s XRP before the year marks an end. The company shared the update on October 2, 2019, through an official press release.
Providing more details, BitPay stated that they have collaborated with the developer initiative of Ripple, Xpring, to facilitate XRP integration into their platform. The move would let merchants and businesses accept XRP through BitPay’s platform for merchant processing and international payments in a secure, safe, and compliant manner.
What’s interesting is, the existing customers of BitPay are not required to implement any enhancement or integration for adding XRP as it will be made available directly. Additionally, BitPay’s prepaid cardholders and wallet users will be capable of storing, as well as spending, XRP through its businesses and merchants seamlessly.
Talking about the surprise development, BitPay’s Director of Product, Sean Rolland, said that XRP could offer a cost-effective, scalable, and fast payment option.
The announcement also revealed that the BitPay wallet would integrate with the recently unveiled developer platform of Xpring. It will let the developers integrate money into the business in a simpler way.
SVP of Xpring, Ethan Beard, also come forward to express his excitement on the new partnership, facilitating XRP payments for everyday bills and purchases. He was quoted as saying,
“This is key in advancing the proliferation and adoption of XRP as a medium of exchange to help solve real-world problems.”
Prior to adding XRP support, BitPay added ETH (Ethereum) support in the previous month. Apart from that, it also supports BCH (Bitcoin Cash) and BTC (Bitcoin) payments, as well as stablecoin settlements in PAX (Paxos Standard Token), GUSD (Gemini Dollar), and USDC (Circle and Coinbase-led USD Coin).
Meanwhile, Ripple was in the news earlier in the week for acqui-hiring Iceland’s cryptocurrency firm Algrim. The new team will concentrate on developing the company’s On-Demand Liquidity (ODL) product that utilizes XRP for cross-border payments processing and settlements.
