As Payment Option for Merchant Processing and Cross-Border Transactions
Enables Global Businesses to Accept Dai and WBTC, Expands Consumers’ Payment Options
Atlanta, May 6, 2021 – BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced the company is adding Dai and WBTC immediately for businesses to accept as a payment option without the need for any integration or enhancements. Dai is the only decentralized dollar-pegged token and WBTC is the first ERC20 token backed one to one with Bitcoin. Settlement in Dai and WBTC is expected to be available this month. Dai and WBTC are available to anyone, accessible anywhere in the world and the market capitalization of these coins is among the top 20 of all cryptocurrencies.
“BitPay merchants use crypto to solve real-world payment challenges especially in transacting in countries with hyperinflation or unstable currencies,” said BitPay’s Chief Commercial Officer Sonny Singh. “Adding Dai and WBTC to the mix of cryptos that BitPay supports offers these businesses fast, safe and secure alternatives to traditional payment methods.”
The ability to transact in Dai is ideal for global businesses and cross border merchants that are looking to attract new customers and want a fast, convenient and low-cost alternative remittance. MakerDAO’s Dai stablecoin, built on the Ethereum network and underpinned by a system of smart contracts and decentralized price feeds, is designed to maintain a soft-peg to the US Dollar. Similarly, the ability to transact in WBTC brings Bitcoin to Ethereum enabling blockchain traders, institutions, and DApps a bridge to the Ethereum network while maintaining exposure to Bitcoin. Its price is pegged to the price of Bitcoin, with the additional benefit of being usable in Ethereum’s rapidly growing DeFi space.
“Dai, which is widely used in DeFi and as a currency for purchasing NFTs in art and gaming, provides merchants with a universal, price-stable payment currency,” said Jen Senhaji from the Growth team operating under MakerDAO. “The trustless, transparent, and secure nature of Dai gives merchants and consumers the freedom to spend and receive payments wherever they are.”
Businesses and consumers face major challenges when transacting cross borders using traditional payment methods. Blockchain technology addresses these challenges eliminating delays, excessive fees, and making them global, safe, free of delays, or excessive costs. Support for Dai and WBTC also opens up new payment and settlement options for BitPay merchants and businesses. These organizations have a fast, stable and cost-effective settlement solution that does not rely on traditional bank methods.
Dai and WBTC are added to BitPay’s current list of supported tokens including BTC, BCH, ETH, DOGE and stablecoins USDC, GUSD, PAX and BUSD. BitPay previously announced wallet users can store and use Dai and WBTC in a BitPay wallet and to load the BitPay Card.
Founded in 2011, BitPay celebrates its 10th birthday this year as one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
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