Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)

Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)

The alliance promotes sharing open-source patents and projects across partners.

BitPay is the latest in a string of big crypto companies to join the Square-led Crypto Open Patent Alliance (COPA), a blog post released on Wednesday confirmed. The alliance aims to enhance development across the crypto industry by promoting open-source projects and shared patents among members.

Launched in 2020, COPA is an alliance working towards ensuring Bitcoin and crypto remain completely free and open – as first envisioned by Satoshi. Square and Twitter founder Jack Dorsey has been at the forefront in calling for cooperation across the crypto field, stating the alliance will “help the crypto community defend against patent aggressors and trolls,” just like they recently did with Faketoshi, Craig Wright.

With cryptocurrencies and blockchain technologies becoming mainstream, firms in the space are changing their way of business, with patent protection and court battles becoming the order of the day, Stephen Pair, CEO of BitPay, said.

“We see both business and consumer adoption accelerating as a result of COPA industry leaders working together to advance technology innovation, making the blockchain easy to use for both businesses and consumers.”

As one of the oldest Bitcoin payment channels, BitPay saw it fit to release their patents to the alliance to enhance innovation in the crypto payment space. The platform processes cryptocurrency payments to enable borderless payments using assets such as BTC, ETH, DOGE, BCH, and stablecoins such as USDC, PAX, and BUSD.

BitPay joins Coinbase (a COPA founding member) as the second high-profile company in the COPA alliance to push forward an ‘open patents policy’ to boost the growth in developments and innovation in the crypto ecosystem, a statement from Coinbase read at the time.

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Author: Lujan Odera

You Can Now Buy Bitcoin with Apple Pay as BitPay Adds Support

You Can Now Buy Bitcoin with Apple Pay as BitPay Adds Support

Online and in-store purchases can now be made on ApplyPay with crypto and soon on Google Pay and Samsung Pay as well.

Apple’s direct integration of Bitcoin will be a real deal, but still, one step in making BTC and cryptocurrencies available to Apple Pay users is taken by BitPay. The cryptocurrency payment service provider BitPay, which was founded in 2011 announced,

“Exciting day for U.S. based BitPay Wallet app users. You can now add your BitPay Card to Apple Pay to make online and in-store purchases with crypto.”

The US cardholders of the BitPay Prepaid Mastercard can now add their card to Apple Wallet and spend with Apple Pay.

The firm is further planning to provide support for Google Pay and Samsung Pay as well but later this quarter. BitPay chief executive officer Stephen Pair said,

“We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto.”

“Adding Apple Pay and soon Google and Samsung Pay makes it easy and convenient to use the BitPay Card in more places from day-to-day items to luxury purchases.”

BitPay Card enables its customers to instantly convert crypto into fiat currency. Its wallet app currently supports Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH), along with four dollar-pegged stablecoins, USDC, GUSD, PAX, and BUSD.

To add a card to Apple Wallet, cardholders need the most recent version of the BitPay app, 12.1.0, which is available in the App Store.

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Author: AnTy

Regulation Will Only Boost Mass Institutional Buying and Selling: BitPay COO

Regulation Will Only Boost Mass Institutional Buying and Selling: BitPay COO

Sonny Singh says $20k is BTC’s floor price and expects $45k next month. According to him, Coinbase’s IPO is “very very instrumental” for the market and its numbers will blow Wall Street’s minds away.

$20,000 is the floor price for how far Bitcoin could go down, said Sonny Singh, Chief Commercial Officer at BitPay.

As for the upside, given that his $30k target has been hit in just 20 days rather than taking over a month, with “very little sell-side pressure,” he sees BTC going to $40k-$45k next month when some pressure will be seen.

Sonny also predicted that this year Bitcoin will “become a trillion-dollar currency” and the magic number for that is $54,000 roughly. At this point, he expects, even governments and the Treasury Department to start buying BTC “which may sound far-fetched but two years ago corporations buying bitcoin for the balance sheet was crazy too.”

Supply & Demand

Talking about the current price movement in the market, Sonny said Monday’s 20% correction was “just a minor blip in the road” — it wasn’t long-term fundamentals at all rather just futures getting liquidated. Singh said in his interview on Bloomberg,

“What you’re seeing over the last month is there’s supply and demand. There are a lot of institutional buyers out there and there’s very little supply.”

While these buyers have bought in all the BTC for a three to five-year time horizon, if Bitcoin hits about $45,000 next month or so and these institutions decide to start selling, the selling pressure of $200 million which the industry has never seen before can cause a catapulting event, to cause things to come down pretty quickly and there $20k will act as a floor, he explained.

Regulatory Concerns

On the regulation side, which remains a concern for outsiders, it is already happening. Governments are passing a lot of KYC/AML policies on the exchange but “that really won’t slow growth,” said Singh.

While it may slow the utility of sending Bitcoin to your friends or spending it at merchants, regulation will only help the actual mass institutional buying and selling, he said.

As for the Ripple part, Singh said it is to be seen if the SEC would want to do a long drawn out court case or do a quick settlement, especially as the administration changes under the new president.

According to Wayne Trench, chief executive officer at OSL, the main regulatory hurdles are already solved in terms of custody and clarity.

The last remaining pieces are regulators globally collaborating cross-border which is starting to happen now, said Trench noting that industry bodies are working on collaborating across borders that we’ll see play out a bit more in 2021.

Big for the Market

Singh also believes Coinbase’s IPO is “very very instrumental” for the market because while Wall Street loved that Square traded $1.6 bln with crypto in Q3 last year, Coinbase traded $1.5 bln on this last Saturday.

“The revenue numbers at Coinbase are going to blow people’s minds away and then Wall Street is going to really drive that stock price up,” he said. And then Charles Schwab, E-Trade, and others won’t sit back and let Coinbase have a sole market, Singh added.

“It’s going to put a lot of media frenzy around this whole industry.”

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Author: AnTy

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.

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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.

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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.

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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.

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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

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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.

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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.

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Author: Joseph Kibe