One of the leading Bitcoin payment service provider, Bitpay has announced ‘multi-cryptocurrency settlement’ for Bitpay merchants. According to the official report, Bitpay merchants can now settle their payments in Bitcoin, Bitcoin Cash, and three stablecoins, namely FUSD, USDC, and PAX.
A Note from the official announcement via Bitpay’s blog
Now we’re happy to share a new improvement: merchants can receive their BitPay settlements in up to five of these cryptocurrencies at once, in addition to their supported local currency.
Additional Cryptocurrency Settlement Options Beyond BTC
By announcing the multi-cryptocurrency settlement, Bitpay has finally rolled out its long-awaited feature. It has extended the settlement system via Bitcoin cash and other four digital coins to all Bitpay merchants. Previously, Bitpay merchants could receive settlements in Bitcoin (which is top cryptocurrency trading beyond $4000 today) and three stablecoins, namely FUSD, USDC, and PAX. With the addition of BCH, Bitpay merchants can enroll settlement service in five cryptocurrencies.
The Fourth largest cryptocurrency, Bitcoin Cash is the latest inclusion by Bitpay which was announced on August 29, 2018. The earlier announcement of Bitpay read it as follows;
We’ve been hard at work to deliver this new settlement option and close the payments loop for merchants serving Bitcoin Cash customers.
At press time, Bitcoin cash, the hard fork of Bitcoin sits comfortably at the fourth position after XRP. It is valuing the total market cap of $2,829,482,744, trading at a value of $161.16 as per the data from Coinmarketcap.
With the inclusion of multi-cryptocurrency settlement to Bitpay payments, merchants can enjoy higher flexibility. Moreover, the company has also shared the first snip of how multi-cryptocurrency settlement for Bitpay payment looks like;
Following the support announcement of ‘multi-cryptocurrency settlement’, crypto enthusiasts requested Bitpay to add Bitcoin SV as well. Moreover, the blog also believes to add ‘other valuable options’ for Bitpay merchants and its customers. Those who want to receive multi-cryptocurrency settlements can log in their merchant’s dashboard on Bitpay official website and follow the steps mentioned here.
What do you think? Will Bitpay add other cryptocurrencies into its ‘multi-cryptocurrency settlement’ chain for merchants? Let us know your opinions.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com