BitPay Introduces Settlement in Stable Coins
ATLANTA--(BUSINESS WIRE)--Oct 15, 2018--BitPay, the largest global blockchain payments provider, today announced the option for merchants to receive settlement in Circle and the CENTRE USD//Coin (USDC) and the Gemini Dollar (GUSD), which are both stable coins pegged to the US Dollar. Merchants and businesses around the world can accept Bitcoin and Bitcoin Cash and now have the additional option to receive their settlement in a US dollar-equivalent cryptocurrency.
“BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world,” said Stephen Pair, co-founder and CEO of BitPay. “The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.”
Support for stable coins opens up new settlement options for BitPay merchants and businesses who have only been able to receive settlement in Bitcoin. These organizations now have a non-volatile settlement solution that does not rely on traditional bank wires. BitPay calculates prices displayed on BitPay invoices in 150 currencies and can settle in all 190 supported countries.
BitPay enables global merchants and businesses to receive international payments faster and more economically than traditional bank wires. Customers can skip costly, complicated cross-border wire transfers and receive or send international payments with BitPay with accuracy, reduced fraud risk and quick bank settlement. Bitcoin payments dramatically reduce the friction, cost, and time of cross-border business to business payments.
The business has the option to take their settlement proceeds in Bitcoin, Bitcoin Cash, a bank transfer, or now a stable coin (USDC or GUSD). Settlement by bank transfer is initiated the next business day and cryptocurrency is settled the next day, 365 days a year.
The ability to settle in stable coins is ideal for businesses in Asia Pac, South America and Africa.
Founded in 2011, BitPay is the pioneer and the most experienced company in bitcoin and blockchain payments. Its suite of products enables businesses to send and receive cross border payments, also enabling consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa® Card. The company has offices in North America, Europe, and South America and has raised over $70 million from leading investors including Founders Fund, Index Ventures and Aquiline Technology Growth. For more information visit https://bitpay.com
The BitPay Visa® Prepaid Card is issued by Metropolitan Commercial Bank, member FDIC, pursuant to a license from Visa, U.S.A. Inc. “Metropolitan” and “Metropolitan Commercial Bank” are registered trademarks of Metropolitan Commercial Bank © 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule, if any.
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PUB: 10/15/2018 09:00 AM/DISC: 10/15/2018 09:01 AM