E-Crypto News Talks to BitPay on DeFi Tokens and Payments
Decentralized Finance (DeFi) tokens have taken everyone by surprise. The use of tokens in this form and manner has become quite popular within and outside the crypto space.
So far, over$15 billion has been locked up in DeFi tokens.
DeFi tokens have wonderful capabilities. We can do things we never thought of before.
The many issues that have surrounded centralized finance are totally avoided as far as DeFi is concerned.
We have reached a point within the crypto space where ideas now run themselves with no need for people to drive them forcefully.
The reason for this is those new financial paradigms that never existed before now exist.
The crypto space itself is on the cusp of exploding because of innovation.
However, with all the wonderful ideas, there had been one problem with DeFi tokens: exchange.
While the DeFi buffs have been able to find ways and means to exchange their tokens, most of the newcomers to DeFi markets have had to struggle to find those ways.
Things have changed as the premier cryptocurrency payments company BitPay has found one way around the problem of exchanges and DeFi Tokens.
E-Crypto News caught up with Bill Zielke, BitPay’s CMO about this.
Here is what he had to say.
Bill Zielke, CMP BitPay
- Congratulations on the WalletConnect integration! How can users use decentralized (DeFI) tokens to pay for stuff?
Because BitPay has integrated with WalletConnect, users can interact securely with any DApp right from their mobile phone, making WalletConnect wallets a safer choice compared to desktop or browser extension wallets.
Soon BitPay will enable DAI and WBTC as payment options for purchases for thousands of its merchant sites.
- Do you think there’s a future for decentralized (DeFi) tokens? What role will they play in the crypto space?
We see significant growth in DeFi space and new DApps surfacing to engage and service customers.
We believe these and other types of decentralized services are here to stay and deliver customer value.
Our customers are a driving force in our decision to adopt WalletConnect and support DAI and WBC.
- Do you think we are on the edge of the mass adoption of cryptocurrencies? Please, tell us the reasons for your answer.
Based on the number of new wallets, significant increase in crypto purchases and use of crypto as a method of payment, we believe all indications point to a mass growth phase towards mainstream adoption.
- Do you think there are other blockchains with decentralized finance (DeFi) capabilities that will one day upstage the Ethereum blockchain? Please tell us the reasons for your answer.
The whole blockchain space is still evolving and expanding rapidly. While we don’t speculate on what the exact future will look like, we are encouraged by the massive market cap increases of the top cryptos, including ETH.
We intend to be laser-focused on building and delivering financial solutions that make it easy for anyone to buy, store and spend crypto.
- What are your thoughts on Ethereum (ETH 2.0) staking?
We are and will continue to watch ETH 2.0 closely and hope to see its value come to fruition.
- What are your plans for 2021?
We plan to continue innovating including enabling new businesses with our payment processing and mass payout solutions.
We also plan to increase adoption of the BitPay Wallet apps and use of the BitPay Card. At the same time, we will continue to add support for more coins.
- Do you have anything special lined up for the cryptospace? Care to spill the beans?
We are always working on new things. Soon, we will announce another new partnership where BitPay Wallet app holders can buy and exchange tokens right from inside the BitPay Wall app as well as easily and quickly change one crypto for another.
- In the future, will BitPay develop its decentralized infrastructure? Or will you guys be working with third-party infrastructure all the way?
We are constantly evaluating products and services to meet the needs of our customers and will continue to monitor the DeFi space based on demand, opportunity and fit. As we are able to share more, we will be back in touch.
- How do merchants integrate with the WalletConnect payment mechanisms?
WalletConnect is an open source protocol for connecting decentralized applications to mobile wallets with QR code scanning or deep linking.
A user can interact securely with any DApp from their mobile phone, making WalletConnect wallets a safer choice compared to desktop or browser extension wallets.
As of yesterday, BitPay enabled the BitPay Wallets app with Wallet Connect. Now, users can interact securely with any DApp. Soon BitPay will enable DAI and WBTC as payment options for purchases for thousands of its merchant sites.
- What incentives do merchants have to accept decentralized finance (DeFi) tokens?
As BitPay adds new cryptocurrencies to its service, merchants automatically are able to accept them. Additionally, integration is not required.
- What are your thoughts on cryptocurrency regulation in America?
Regulation is necessary to move the crypto space mainstream so all types of organizations can benefit from the low-cost, high-speed transfer of digital assets all around the globe.
- If you had three wishes and a Genie that could make them come true what they are for the crypto space?
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