Bitcoin and Blockchain Payments processor BitPay to Support Ethereum

Bitcoin and blockchain payments processor BitPay announced its support for Ethereum, the second-largest cryptocurrency by market capitalization.

Founded in 2011, BitPay also offers its customers BitPay wallet and offer BitPay Prepaid Visa Card issued by Metropolitan Commercial Bank. The company has raised $72.5 Million in seven funding rounds to date, according to CrunchBase.

Executive Opinion

Chief Executive Officer of BitPay, Stephen Pair, said, "BitPay is consistently at the forefront of using cryptocurrency to solve real-world problems and offer our global customers the best options to accept and pay with multiple blockchain assets. As one of the largest crypto currencies by market cap and one used by thousands of companies, Ethereum is the next logical choice."

Founder and creator of Ethereum, Vitalik Buterin, said, "It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies."

BitPay's Ethereum  Support

Organizations who are already using BitPay payment processing ca accept Ethereum without any enhancement on their part. In addition, it is also now possible for BitPay wallet users to store Ethereum in their wallets. BitPay Prepaid Visa Cards users can be also top up their debit cards, the announcement notes.
   
BitPay's merchants include bigwigs like Microsoft, Newegg, Dish Networks, FanDuel and Avnet. Without any changes, these BitPay's merchants can easily turn on support for Ethereum.

Last year, Businesses in Ohio state, USA, started accepting taxes in terms of bitcoin (BTC). The Ohio State planned to use BitPay to handle its payments. Bitpay's role was to facilitate the crypto-to-fiat conversion, i.e bitcoin to USD.