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BitPay to support XRP for payment processing and cross-border transfers

Source: BitPay

BitPay, the largest global blockchain payments provider, today announced a partnership with Ripple’s developer initiative, Xpring, that will allow businesses to accept XRP for payments through BitPay’s merchant processing and cross-border payments platform safely, securely, and compliantly, starting by the end of the year.

BitPay Wallet and BitPay Prepaid Cardholders can also store and spend XRP through BitPay merchants and businesses. XRP is the third-largest cryptocurrency with a market capitalization of more than $20 billion. Current BitPay customers will be able to add XRP without the need for any integration or enhancements.

“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.”

Ripple’s vision is to build the Internet of Value, allowing value to be exchanged as quickly as information does on the internet. This vision drives everything Ripple does, from building its global payments network, RippleNet, to establishing initiatives like the University Blockchain Research Initiative and Xpring. Xpring was launched in 2018 to help build utility around XRP, and to grow the XRP ecosystem. Since then the company has partnered with more than 20 companies and committed more than $500 million in support of blockchain companies and products.

BitPay Wallet will also integrate with Xpring’s newly launched developer platform, which makes it easier for developers of any kind to integrate money into their business.

“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.

BitPay offers XRP as a payment mechanism along with Bitcoin, Bitcoin Cash, and Ethereum. Businesses have another settlement solution that does not rely on traditional bank wires. BitPay also offers stable coin settlement with Circle CENTRE USD//Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX) as well as in 12 currencies and direct bank deposit in 37 countries.

BitPay calculates prices displayed on BitPay invoices in 150 currencies and can settle in over 200 countries. For merchants who want to be settled by bank transfer, the transfer is initiated the next business day, and cryptocurrency is settled the next day, 365 days a year.

BitPay processed over $1 Billion annually from global merchants including Microsoft, Newegg, Dish Networks, FanDuel and Avnet will be able to turn on support for XRP seamlessly without any additional integration.  

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