Payment processor BitPay added support for Ripple’s XRP

Written by

Updated on Mar 11, 2020

Reading time 3 minutes

Crypto payment processing platform, Bitpay, finally added support for the world's third-largest coin, XRP.
The coin became the seventh cryptocurrency available on BitPay, and it can now be used for making purchases with any of the merchants collaborating with the platform.
As one of the leading platforms for crypto payments, BitPay is driving adoption of digital coins, and constantly expanding their use cases.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

A major crypto payment processor, BitPay,
recently announced that it is adding support for XRP — the
third-largest cryptocurrency, created by Ripple. The announcement
was published on January 21st, causing XRP to experience a minor price surge
and attempt to breach one of its major resistances at $0.24.

Now that BitPay has added XRP to its list of supported cryptos — alongside the coins such as Bitcoin, Ethereum, Bitcoin Cash, Tether, Gemini Dollar, and Paxos Standard — the coin’s users will be able to spend it with merchants registered on the platform. At the same time, the platform’s clients will have the ability to pay invoices with XRP.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

As mentioned, the addition of XRP means that
BitPay now handles seven major digital assets. Not only that, but these seven
cryptocurrencies are responsible for around 80% of the total crypto market cap.

BitPay’s move provides new
opportunities for partners and users

The CEO of eGifter, Tyler Roye, commented on
the move by saying that his company was excited to add XRP as a payment option.
They plan to welcome XRP adopters in 2020, just ass they were welcoming Bitcoin
users back in 2014. Meanwhile, Xpring’s Senior VP, Ethan Beard, stated that
BitPay provides practical new opportunities for the use of digital assets.

According to him, Xpring hopes to use this opportunity to build upon it and make it easier for everyone to add money into their applications. The addition of XRP for everyday purchases, according to Beard, will be very beneficial for consumers and merchants alike.

As many are aware, cryptocurrencies —
primarily Bitcoin — have been around for over 11 years, now. However, during
most of this time, they struggled quite a bit with achieving mainstream
adoption. Thanks to the efforts of BitPay, and a few similar services, their
adoption is finally progressing at a faster pace, and the ability to make
purchases using crypto assets is going to drive it further.

BitPay itself is a reputable platform that has
managed to partner up with many other businesses, including fantasy NFL
platform, FanDuel. Thanks to this partnership, FanDuel
enabled Bitcoin payments, with deposits that will come without any extra
charge. BitPay also added stablecoin support to allow users who
are worried about the volatility of traditional cryptos to make use of the
increased adoption, as well.