BitPay, The Crypto Payments Giant Now Supports Ethereum

Bitpay, the leader in digital currency payment services has recently incorporated support for ETH, the second-largest digital asset by market cap, Ether.

According to a report that came on September 16th, firms that employ BitPay in transaction processing can now accept ETH to buy without needing any external source or enhancements. BitPay also has released a feature where users can store and make use of Ether for BitPay wallet, along with topping up the debit cards with Prepaid Visa cards.

Stephen Pair, the CEO of Bitpay, announced the driving of Bitcoin’s valuations through the speculation issues. Yet, originally the crypto exchange is only liable to handling small fluctuations in price.

Another statement from a spokesman,

“A very big component of the price is certainly speculation while its investors speculate on future usage and adoption of this technology. A small component of the price is an actual utility, and that’s what BitPay is focused on — using the platform and delivering products to our customers that they find valuable.”

Started in the year 2011, BitPay started working with Bitcoin and Bitcoin Cash earlier. Now it has started supporting Ethereum too. The system can exchange all currencies with cryptocurrency and vice versa. Till date, BitPay has reported having processed around $3 billion worth of payments ever since its inception in 2011. Stating his views on the event, Vitalik Buterin, Ethereum co-founder, said:

“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.”

Although, BitPay has some security measures along with some payment restrictions too.

It has been refurbishing and tightening its security measures in the last few weeks. At August end, the firm also rolled out fresh verification means for individual identities that involve huge payouts, transactions, or other high-amount payments. The company needs its users to go through a verification process once which needs data pieces like their Social Security number, photo IDs, or passport details.

During the same time, BitPay also gave away $100,000 as charity funds to Amazon rainforest as its Watch’s limit on payment was till $100,000. BitPay requested the staff to update it, although, they said that such a thing was not possible, and they required submitting individual documents.

Also in the month of September, Tom Grundy, founder, media agency Hong Kong Free Press(crowdfunded), said that BitPay had stopped receiving donations for Hong Kong for many weeks.

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Veronica Smith is a writer and journalist who holds specialization in language and journalism, including blockchain and crytpocurrencies. She was freelance news writer before getting into our CoinSubtle team. She has written number of articles on financial markets and cryptocurrencies.

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