More use cases for Ripple. From now on, BitPay is accepting XRP.
Ripple simply can’t resist expansion, can it? This time BitPay, the largest world blockchain payment operator, announced a partnership with the Xpring Platform, a product of Ripple.
Now BitPay wallet owners can store, use and pay with XPR without additional applications. Thus, this deal will boost XRP’s usage in the retail market.
— Ripple (@Ripple) October 2, 2019
“BitPay customers are leveraging the promise of blockchain payment technology and with XRP can offer a payment option that is fast, cost-effective and scalable,” said Sean Rolland, Director of Product at BitPay. “The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space.”
The global e-commerce market expects to reach $6 trillion by 2022. BitPay is charging only a 1% fee for the transactions, which makes the platform mega attractive for businesses and investors.
“We’re excited to partner with BitPay to enable XRP for its thousands of merchants for everyday purchases and bills. This is key in advancing the proliferation and adoption of XRP as a medium of exchange to help solve real-world problems,” said Ethan Beard, SVP of Xpring. So XRP gained straight access to a $250 billion crypto market.
Why is BitPay so popular?
The payment provider started its operations in 2011. It allowed customers to utilize digitals assets thought the BitPay wallet or get fiat money to BitPay Prepaid Visa Card.
Not so long ago BitPay was only supporting payments in Bitcoin, Bitcoin Cash, Ethereum. They also accepted payments in stablecoins and bank accounts. During 2018, BitPay processed cryptocurrency transactions worth more than $ 1 billion. In total, the number is higher than $2.5 billion.
Recently, BitPay has been criticized a lot, in particular, because the company introduced an obligatory user verification for certain types of payments.