Cryptocurrency payment service provider, BitPay took another step to offering extended services by introducing an option for merchants to be paid in multiple cryptocurrencies. A much-awaited service, professional traders are welcoming the move and causing some market movement as well. Merchants on this platform can now receive payment in a total of five cryptocurrencies, marking the first baby steps in multiple crypto payment segments.
The service provider announced via Twitter, linking to its blog where it broke the momentous news to its merchants. The tally of currencies which the provider now supports has increased to five, apart from a host of local currencies.
— BitPay (@BitPay) January 8, 2019
As per BitPay’s blog post, the introduction of Bitcoin (BTC) will also support merchant preference for bitcoin Cash. Apart from these large cryptocurrencies, Stablecoin is also supported. These include USDC, GUSD, PAX, along with an existing list of local currencies.
This move is expected to enhance trader experience on the platform. It also opens new avenues for the larger players to widen their trading services, given the choice of five currencies they can opt to be paid in, increasing their scope for convenient trading at the platform.
The biggest hurdle thus far for merchants has been the rigid and set rules for receiving payment. The lack of flexibility in seeking out alternate currencies, subject to their market prices was a feature which was waiting to happen.
Even as merchants exult over the maturing payment systems, there were pleas around to include the latest blockchain kid around town, the November-born Bitcoin SV. Apparently, cryptocurrency trading enthusiasts are reaching out to Bitpay to add some more of the popular currency options.
The wishlist of these enthusiasts includes – three more Stablecoin, bitcoin Cash as well as Bitcoin SV. The latter was the result of the non-consensus hard fork by bitcoin developers in November 2018.
The payment service provider has remained positive about the requests coming its way. The provider continues to explore options and methods to be of great convenience to its merchant community. At the same time, BitPay strives to ensure maximum compliance with a regulatory framework such that there are no contentious arising out of introducing innovation in cryptocurrency use, trade, exchange, and other related aspects.
The first time BitPay began to support cryptocurrencies was in 2018 when it began with four of them. Now, the company remains focused on offering more stable options by including stablecoins – GUSD, USDC and PAX in 2018.