To increase accessibility and ease of use in cryptocurrency payments, BitPay, initially a Bitcoin payments startup, has announced support for “dozens” of additional cryptocurrencies. The Atlanta-based company, founded in 2011, has been gradually expanding its platform to include various digital assets, moving beyond its initial focus on Bitcoin.
At its peak in 2020, BitPay processed 90% of its payments in Bitcoin. However, the recent developments indicate a strategic shift towards diversification. BitPay has successfully raised over $70 million in funding from notable firms such as Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth, underscoring the growing interest in the cryptocurrency space.
Recently, Litecoin (LTC) has emerged as a frontrunner in BitPay’s payment processing service, constituting an impressive 38.25% of all transactions, according to data released by the Litecoin Foundation. This development coincides with Litecoin hitting a new all-time high, further solidifying its prominence in the crypto payment ecosystem.
BitPay Customers Splurge On Gucci, Ralph Lauren, & AMC Theatres
BitPay CEO Stephen Pair emphasized the company’s commitment to making crypto payments accessible to a broader audience. In a statement, Pair said: “These updates and all of the newly supported assets mark an invitation to crypto customers: pay for what you need and splurge on what you want.”Customers of BitPay can currently utilize various cryptocurrencies to purchase goods from renowned merchants such as Gucci, Ralph Lauren, and AMC Theatres.
Additionally, the platform enables users to make essential payments like car and mortgage payments, expanding the practical applications of cryptocurrency in daily life. The company has also announced upcoming support for Cronos and Basic Attention Token, signaling its continuous efforts to stay at the forefront of the evolving crypto landscape. This move aligns with a broader trend observed among web3 companies, which are actively working to simplify the accessibility and utilization of tokens beyond Bitcoin.
BitPay’s expansion to include support for a diverse range of cryptocurrencies reflects the industry’s ongoing efforts to overcome barriers and make digital assets a mainstream means of transaction. Last year, the Bitcoin payments app Strike similarly broadened its horizons by incorporating support for Tether’s USDT stablecoin, underscoring the dynamic nature of the crypto payments sector.
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