Popular crypto payment firm Bitpay has recently announced that it will allow its users to purchase cryptocurrencies via its platform. The latest move is a direct result of Bitpay's collaboration with fiat-to-crypto payment processor Simplex to offer crypto purchasing experience to its users. Recently, Twitter CEO Jack Dorsey was also granted a similar real-time fiat-to-crypto patent for his Square app.
Bitpay said that the purchasing feature would provide a dynamic solution for all cryptocurrency-related activities. It also revealed that users could purchase supported digital assets via their credit cards without having to leave the application.
Bitpay's Journey Through the Ages
For about seven years from 2011 to 2018, Bitpay only accepted Bitcoin payments. However, it added Bitcoin Cash to its services in 2018 and now supports ETH, BCH, and BTC along with three stablecoins. About a week ago, the payment merchant announced its support for XRP on its payment wallet.
Better Crypto Accessibility to Eliminate the Need for Crypto Exchanges
Stephen Pair, the CEO and co-founder of Bitpay, explained that new users might find cryptocurrency exchanges quite intimidating. However, the integration with Simplex would make the payment experience much more seamless. Thus, it is understandable that the motivation behind including more cryptocurrencies into the Bitpay app is the elimination of the need for crypto exchanges to facilitate payments.
Simplex Positive About Partnership with Bitpay
Bitpay isn't the first digital company that Simplex is working with. Simplex has worked with many digital currency firms like Binance, Xapo, Bithumb, and Changelly to cater to their need for crypto purchases via debit and credit cards. The payment processing firm levies a fee on transactions and requires a minimum transaction amount of $10. Speaking about the collaboration, the company's founder and CEO Nimrod Lehavi said that their firm looked forward to working Bitpay. He also said that they would work together to add more innovative solutions in the coming days.
source>>https://www.cryptoknowmics.com/news/bit ... s-platform
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