Bitcoin Payment Processor Rolls Out ‘BitPay Send’ to Allow Companies to Pay With Crypto

BitPay has announced a new product dubbed ‘BitPay Send,’ which enables companies to make crypto payments without necessarily holding digital assets. The crypto payment services provider targets extending its clientele portfolio with BitPay Send to bridge the gap that exists when it comes to paying for labor or services in crypto.

Powered by a blockchain ecosystem, the BitPay Send platform is built to increase efficiency in crypto payments and target companies of all sizes. This innovation facilitates massive payments such as the ones companies make to contractors, vendors, customers, affiliates, and employee salaries. Given the growing nature of the distributed economy, BitPay Send poses as an ideal platform for companies that source talent, especially from the gig economy.

Per the current systems, transactions can be extremely slow and costly, especially when a cross-border operation is involved. BitPay Send solves this challenge by supporting round the clock crypto payments across the globe. BitPay CEO, Stephen Pair, noted the high rate of blockchain payments adoption, which he attributes to the ease of sending and receiving payments globally. He added that,

“Traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.”

BitPay Send is already in use by AdGate Media, which leverages the facility to make crypto payments to its affiliates. Basically, BitPay assumes the conversion risk, while AdGate only makes a fiat deposit paid out to an affiliate in crypto. Dan Sapozhnikov, the President of AdGate Media, was keen to highlight the value proposition by BitPay Send in their line of business,

“We have lots of affiliates who wanted to be paid in Bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult …

having BitPay manage that risk was an important factor in choosing BitPay Send.”

Notably, recipients will only require a BitPay ID and crypto wallet hence the whole notion of eliminating banks as intermediaries. BitPay, which has been operational since 2011, enjoys the backing of prominent investment firms, which include Virgin Group, Index Ventures, and Founders Fund.

Read Original/a>
Author: Edwin Munyui

Cryptocurrency Payment Processor BitPay Finally Announces Support for SegWit

Bitpay, the crypto payment processing giant, has finally integrated the segregated witness (SegWit) protocol, a second layer scalable solution to make bitcoin processing cheaper. The Segwit integration is currently optional for bitcoin wallet users on BitPay. However, the firm plans to make it a default feature by the year-end.

SegWit was first proposed by Pieter Wuille, a bitcoin core developer in 2015. The SegWit protocol aimed to free up block space on Bitcoin blockchain without increasing the block size.

SegWit also eliminated a transaction signature vulnerability, which allowed miscreants to manipulate transaction signatures. On the other hand, BitPay is one of the largest crypto processors and currently processes around $1 billion worth of crypto transactions every year.

BitPay had earlier passed on an opportunity to integrate SegWit on its platform almost three years back and instead opted for another protocol called SegWit2x. SegWit2x implemented segWit itself, but at the same time, it also increased the block size from 1MB to 2 MB.

The Bitcoin community was divided over the use of the two protocols, creating conflict in the community over the size of the Bitcoin block, and many believe this also led to the creation of Bitcoin Cash Network.

However, SegWit2x failed to capture on the industry support, and as of today, 63% of all bitcoin transactions are processed using SegWit.

BitPay’s Decision Surprises Many

BitPay’s staunch support for an alternative second-layer protocol over SegWit has made many wonder what changed the minds of its decision-makers.

Sean Rolland, BitPay director of the product, claimed that now is the perfect time to introduce SegWit to its users as it decreases the cost of transactions by up to 30%, and the firm believes it would reduce the fee by 5%-10% with a new update.

Bitcoin was created to provide an alternate easy to use financial tool which offered lightning-fast transaction speeds at minimal transaction cost.

However, as bitcoin’s popularity grew, the network started to show signs of fatigue as it was unable to handle the transaction volume, making it slow, complicated, and costly to use. This was when developers came up with an off-chain second layer solution in the form of the Lightning Network and SegWit.

The lightning network showed a lot of promise. Still, even after years into development, the LN protocol seems to have more complexities than it was invented to resolve. Thus, SegWit became a popular choice.

Read Original/a>
Author: Lillian Peter

BitPay Launches Prepaid MasterCard; Convert Crypto to Dollars to Spend at Million of Merchants

Atlanta-based blockchain firm, BitPay, announces its new prepaid debit card available to U.S. customers with an aim to improve contactless payments and provide a fast and cheap gateway to spend cryptocurrency at any MasterCard accepted stores in the world.

BitPay Launches MasterCard Prepaid Debit Card

BitPay, a payments processor founded back in 2011, aims to provide a gateway for crypto users to use their coins in their day to day activities. The launch of the MasterCard enabled debit card will allow users to load the card with dollars straight from their crypto wallet. They can then use the card at any MasterCard accepted merchants and the 1,100+ stores partnering with BitPay.

The card allows instant reloads from the crypto wallet with no conversion fees from crypto to fiat. However, the company sets a daily reload limit of $10,000 and the transaction fees are not mentioned on BitPay’s website.

Users can also withdraw money through an ATM at a $2.50 fee and pay 3% to exchange the dollars and crypto to foreign currency. BitPay also offers users a virtual debit card for online shopping and quick access.

BitPay only offers services to U.S. customers but aims at expanding globally starting with Europe, the statement reads.

A safe non-custodial wallet

The new debit card will offer similar services and security to regular bank cards including an EMV chip and contactless payments in light of the current global pandemic. The exchange is non-custodial meaning users get to control their assets fully allowing users to convert and use crypto anywhere and anytime they want.

This is a bit different from debit cards that convert crypto from your exchange balance at the point of sale and slapping heavy fees on the transaction.

The growth of BitPay has been swift since its $500,000 seed funding round in 2013 becoming the first payment processor to list XRP in the U.S. The fourth-largest coin joined a slew of accepted cryptocurrencies on the platform including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and a number of stablecoins including GUSD, PAX, USDC, and recently Binance’s BUSD.

Read Original/a>
Author: Lujan Odera

Crypto Payment Processor BitPay Sees More Use in Stablecoins than Layer-2 Solutions

  • Rising fees on the Bitcoin blockchain after the halving will not set BitPay, a crypto payments startup, into using layer 2 payment channels such as the Lightning Network or Liquid Bitcoin.

Bill Zielke, BitPay’s Chief Marketing Officer, revealed on Thursday this week that the company was not planning to integrate the layer 2 Bitcoin channels. Bill explains that Bitcoin transactions dominate the customers’ preference hence no rush to switch despite the fees reaching highs of $7 after a 256% spike earlier in the month.

The company switched from being a Bitcoin-only payment service, where merchants can accept crypto and convert it directly into fiat currency options including the dollar, euro, and British pound. Users can currently pay across selected merchant stores in North America and Europe using multiple cryptocurrencies including Bitcoin Cash (BCH), XRP, Ethereum (ETH), and stable coins including Binance dollar (BUSD) this April.

According to Zielke, Bitcoin currently holds over 95% of all the transactions on the platform with BCH coming in second with about 2% of the total volume transacted. Despite the skyrocketing Bitcoin fees since the halving, the BitPay’s CMO says the company will not be switching to Lightning Network and other Layer 2 solutions due to unsystematic risks they pose. He said,

“Lightning Network and the Liquid sidechain are not in our current plans or roadmap but we are always evaluating new and innovative alternatives and collecting customer input on use cases, importance, and priority.”

The current lockdown state across countries due to the COVID-19 virus is seeing more people spend time online shopping and BitPay aims to increase the use of crypto in day to day spending. Stablecoins have witnessed impressive growth in the first half of 2020 and the lack of volatility on these assets makes them ideal for spending.

Bill said the company is focusing on the stablecoin market following the addition of several stablecoins on the platform this year including PAX, BUSD, USDC, and GUSD.

Read Original/a>
Author: Lujan Odera

BitPay Adds Binance’s USD-Pegged Stablecoin, BUSD To Its Merchant Payment Platform

  • BitPay adds Binance exchange’s stablecoin, Binance USD (BUSD) to its merchant payment processing platform.
  • BUSD is the latest in a string of crypto payment options including BTC, ETH and XRP.

In an announcement by BitPay, a merchants’ crypto payments processing firm, announced the addition of Binance USD (BUSD) on it platforms. Merchants will now be able to accept Binance stablecoin across the U.S boosting adoption rates in daily usage of cryptocurrency.

The CEO of BitPay, Stephen Pair, expects the partnership with Binance will open up cross border payments using the platform given the top exchange’s reach across the global market. He also expects the partnership between the two crypto companies to yield a wider market base as they provide users with a stable and quick gateway to purchase everyday goods.

He further said,

“With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who want the flexibility of paying on the blockchain with the stability of the US dollar.”

Users can start depositing BUSD tokens in their BitPay Wallets starting April 27he service is set to be rolled out to respective merchants across the globe in the coming days. BUSD will also be available on its debit card, BitPay Card, a functionality only available in the U.S. The Card will support users across all the 50 states.

Binance CEO, Changpeng “CZ” Zhao also showed appreciation for the partnership with BitPay in his statement. CZ said,

“We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payments solution together with BitPay, making the process simpler and easier.”

BitPay currently supports over 2 million customers across all the 50 states in the U.S and other points of sale across the globe. BUSD, adds in to a pot of cryptocurrency payment options already available including Bitcoin (BTC), Ethereum (ETH), Ripple-led crypto, XRP, and other stablecoins.

Binance USD was approved back in 2018 by the New York State Department of Financial Services (NYDFS) allowing its trade across the 50 states. The partnership

Read Original/a>
Author: Lujan Odera

Blockchain Payment Processor BitPay And Poynt Enable Crypto Payments at POS Terminals

The blockchain payments provider BitPay has closed a partnership with Poynt, the world’s first open commerce platform, to make crypto payments possible at point-of-safe (POS) terminals. The announcement was made on Tuesday, in a press release that reads:

“With just the scan of a QR code at checkout, consumers can now pay merchants using Poynt’s devices with the currency of their choice, including Bitcoin, Bitcoin Cash, Ethereum, and three dollar-pegged stablecoins. BitPay’s blockchain payment rails integrate seamlessly with Poynt’s smart terminals to make the checkout experience quicker, easier and more secure than paying with legacy methods like credit cards or cash.”

Poynt Already Serves Over 100,000 Retailers

Poynt already has a POS devices network working for more than 100,000 retailers from all over the world. BitPay’s co-founder and CEO Stephen Pair had this to say about his company’s new partnership:

“It’s a massive growth opportunity for BitPay and an important milestone in our now nine-year mission to make payments faster, more secure and less expensive for people and businesses.”

$9 Billion in 12-Month Gross Payment Volume for Poynt

Offering both software and hardware for its “smart” POS terminals that can also run third-party apps, Poynt has recently said it has passed the $9 billion threshold in gross payment volume in a 12-month time period. The company’s CEO and founder Osama Bedier had this to say about the addition of crypto into the payment solutions it offers:

“Poynt was built on the idea of open commerce. The addition of open-source, decentralized currencies like bitcoin is a natural fit in our open-commerce environment.”

BitPay Processed More than $1 Billion a Year in Crypto Transactions

Last month in January, BitPay added support for XRP in its wallet app, by collaborating with Xpring, which is Ripple’s developer arm. From 2017 until 2019, it has processed more than $1 billion in crypto transactions.

Read Original/a>
Author: Oana Ularu

Crypto Payment Processor BitPay Adds XRP Support On Apple iOS And Android

BitPay, a crypto payment service which provides users a wallet as well as gift cards which can be bought using different coins, is now making it easy to purchase Amazon cards using XRP. BitPay has entered into an agreement with Ripple’s Xpring to offer support for XRP.

The revelations were made by Tiffany Hayden Casheer Inc co-founder through a tweet over the weekend. Tony Gallippi who is BitPay’s co-founder then retweeted the news which is seemingly a sign of confirmation.

BitPay and Xpring, the investment wing of Ripple signed an agreement in October last year. The agreement show the addition of XRP among the virtual currencies which BitPay works with. The recent development indicate that from next week, BitPay will kick off selling Gift Cards for global’s third biggest crypto-XRP. Crypto holders can use the gift cards in different retail and restaurant outlets comprising of Amazon, GameStop, Burger King, DoorDash, Home Depot and Domino’s.

This is a crucial step that Ripple has taken in its effort to promote mainstream use of the XRP crypto. Sean Rolland, director of products at BitPay, stated that scalability as well as speed of XRP makes it unique compared to others in the fray. He added that the inclusion of XRP in BitPay will help in expanding the blockchain-based solutions in the payments space. He said:

“XRP can offer a payment option that is fast, cost-effective and scalable for BitPay customers.”

Despite the positive developments, XRP’s prices remained unchanged and the crypto still lags below $0.25, U-Today reports.

Ripple has been embroiled in a legal tussle with its early investors who accuse the company of running an illegal ICO and are calling for XRP to be deemed as an unregistered security. The case is yet to be determined but David Schwartz has urged Ripple enthusiasts to remain hopeful and optimistic.

In the recent past, Ripple has come under sharp criticism from XRP holders and worshippers accusing the company of price manipulation through dumping of large amounts of XRP. However, the firm has insisted that it does not intend to control prices.

Read Original/a>
Author: Joseph Kibe

Bitpay Performs Tech Audit to Certify Security and Confidentiality Compliance for User Data Protection

One of the main Bitcoin payment providers of the market, BitPay, has recently undergone a security and confidentiality audit, which was done by Aprio, which confirmed that the crypto company was compliant with the Service Organization Control 2 (SOC 2) standard. The SOC 2 is a technology audit that is used to assure that a company keeps the data of the user in a private way.

Dan Schroeder, a partner of Aprio, affirmed that BitPay did meet the standards and that it protected the data of its customers very well. In an age in which people are often concerned about security, the company made an important move.

Over a month ago, BitPay introduced several new protective measures that were used to upgrade the platform. For instance, people needed to present their photo ID with a social security number or passport, something that was not needed before.

Part of the reason why the company needed to prove that it was compliant with the SOC 2 standards was that now it is holding a lot of sensible information for its clients, so they need to trust it even more. Most people in the crypto community are also very skeptical of giving their details to the company, so the company was criticized for upgrading the security measures this way.

In related news, BitGo also recently received a SOC 2 certification after it was audited by Deloitte. More and more companies are looking to be certified as they want to be trusted by the clients.

Read Original/a>
Author: Gabriel Machado

Popular Crypto Payment Processor BitPay To Add Support For Ethereum (ETH) Soon

BitPay, one of the main crypto payment providers in the world now, has recently announced that it would start to support Ethereum-based payments. Ethereum (ETH) is the second-largest token by market cap, which makes this a huge upgrade in the services.

According to the press release, all companies that are already using the services will be free to use Ethereum without having to do anything.

The upgrade will be rolled out automatically as soon as it is ready. Unfortunately, no actual date for the launch was given on the press release. It will also be possible to store the new token on the company’s wallet, which is set to be upgraded to hold it.

BitPay was originally launched back in 2011 and it offered the users the option to pay with Bitcoin (BTC) and then Bitcoin Cash (BCH) after the hard fork. So far, the company’s product has been used to pay over $3 million USD since its creation.

Vitalik Buterin, the co-founder and public face of the Ethereum network, has commented on the update, affirming that it is very exciting to see such a leading company integrating ETH with its payment system. This, he believes, will open a whole new channel for innovation.

In related news, BitPay has been working to improve the security of its systems. The company has just introduced new verification methods this year and will now start to require more information about the users before they are able to use the product. They will need to give their passports of social security numbers before they create an account, for instance.

Read Original/a>
Author: Gabriel Machado

Another Blow to BitPay, Now Domain Provider NameCheap Is Looking at Different Options

Crypto payments processor, BitPay continues to face backlash from the users, as such companies are seeking different options.

NameCheap, one of the top domain name registration service providers and a web hosting company is the latest one that might not be satisfied with BitPay’s services.

“No promises yet but we are researching different options,” said Richard Kirkendall, NameCheap CEO on Twitter.

His response came after a user complained on social media about BitPay. The user was trying to top up his balance using Bitcoin but BitPay forces him to use one of their pre-approved wallets. BitPay apparently didn’t even let him see the address to make the payment.

BitPay is “Extremely Frustrating”

NameCheap first started accepting Bitcoin in 2013, around the time when BTC hit the all-time high till that year at $32.

Demand among the tech audience for months drove NameCheap to accept Bitcoin for its services including domain names, Web hosting, SSL certificates, and security programs.

The users are asking NameCheap to consider other crypto payment processing service provider as BitPay’s service is “extremely frustrating.”

BTCPay Serves took this opportunity to offer its services.

“Richard, if you need any help, feel free to let us know, we’ll glad to help.”

The company, as we reported recently received $100k in donation from Square Crypto.

“Never Use BitPay”

This is not the first time that BitPay is encountering issues, recently we reported of Hong Kong Free Press accusing BitPay of temporary suspension of its funds, “without good reason.”

Tom Grundy, the founder of crowdfunded media outlet Hong Kong Free Press (HKFP) asked users to “never use Bitpay” because of its “poor reputation, abysmal communication, horrible customer service, *very* high fees.”

Before HKFP, it was a crypto donation for $100k to Amazon rainforest charity that was blocked by BitPay.

Read Original/a>
Author: AnTy