Announcing their latest product development, Bitmain subsidiary BTC.com wallet stated that it will now support Bitcoin Improvement Proposal 70 (BIP-70) for processing bitcoin payments between customers and merchants. This integration will augment an enriched crypto experience when sending Bitcoin or Bitcoin Cash (BCH) to their favorite BitPay merchant.
Alejandro de la Torre, VP of Business Operations, BTC.com said,
“We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with BitPay is an important step towards transacting with retailers and merchants. Cryptocurrencies can begin to compete with credit card and mobile transactions by capitalizing on current inefficiencies in traditional payment processing services and extend the boundaries of commerce. Enabling customers, merchants and the Bitcoin community to utilize Bitcoin in commerce will sow the seeds for cultivating deep and sustainable growth from the whole bitcoin community.”
BIP-70 provides the technology protocol required to drive secure end-to-end communication between customers and merchants anywhere in the world. It ensures safe routing and confirmation of payment requests, receipts, and refunds over bitcoin’s blockchain.
BTC.com allows users safe storage of their private keys in its multi-signature web and mobile wallets, thereby maintaining users’ total control over their cryptocurrencies.
Sean Rolland, Director of Product at BitPay, further added,
“We appreciate BTC.com’s support for BIP-70 as BitPay works to make Bitcoin commerce payments easier and even more secure. With BIP-70, we have seen a drop from an 8%+ payment error rate (in dollars) to a 0.27% error rate. It’s this ability to ensure correct payments using BIP-70 helps the entire industry to grow.”
With BIP-70, BTC.com wallet will now be able to participate in networks that only accept payment protocol wallets. BitPay is a leading provider of crypto-merchant services. It offers some additional benefits to its registered users like processing and settlement feature that minimizes price volatility through direct deposit of funds into users’ bank accounts.