BitPay, the major digital asset processing company, announced via a press release on Sept. 16 that starting from now it will accept Ethereum (ETH) as a payment method with the mission to broaden payment choices for its global customers. The CEO of the eight-year-old processor, Stephen Pair, said their choice for ETH was “logical” as it is the second most valuable asset by market cap, and used by “thousands of businesses around the world”.
“BitPay is consistently at the forefront of using cryptocurrency to solve real-world problems and offer our global customers the best options to accept and pay with multiple blockchain assets. As one of the largest cryptocurrencies by market cap and one used by thousands of companies, Ethereum is the next logical choice”, the press release reads.
BitPay already supports Bitcoin (BTC) and Bitcoin Cash (BCH), the number one and number four most valuable assets by market cap respectively, as well as several stablecoins like Paxos Standard token (PAX), Gemini Dollar (GUSD), and USDC.
The latest announcement means businesses around the world can instantly receive ETH payments and store them directly on BitPay’s ETH wallets without any upgrade or intermediary. Meanwhile, BitPay Prepaid Visa Card owners can now top up their cards with ETH and convert their ETH holdings to USD or spend them in any Visa-supported outlet anywhere in the world. BitPay invoices are accepted in 200 countries across the globe with 150 currencies supported.
Taking note of the announcement, Vitalik Buterin, the co-founder of Ethereum expressed his excitement saying:
“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.”
BitPay processed over $1 billion worth transactions in BTC and BCH in 2018 and processes tax payments for Ohio, a US state, which accepts tax payment in BTC.