On January 23, the cryptocurrency payment firm Bitpay announced it will be allowing customers to purchase digital assets using the Bitpay platform. The Atlanta-based company partnered with fiat-to-crypto payment processor Simplex to offer the crypto purchasing experience. Bitpay says the latest feature will provide an “all-in-one solution” for cryptocurrency-related activities.
Bitpay App Now Allows Crypto Purchases
Bitpay has been a leading cryptocurrency payment processor since the firm was founded in 2011 by Stephen Pair and Tony Gallippi. From 2011 until 2018, Bitpay only accepted BTC payments for invoices and settlement. However, in the spring of 2018, bitcoin cash (BCH) was added to the company’s services. Bitpay now supports BTC, BCH, ETH, and three different stablecoins. During the first month of 2020, Bitpay announced XRP integration and the coin is now live on the platform since last Tuesday.
The Atlanta firm has seen a number of changes since it began supporting new coins, and after announcing XRP support, it revealed that Bitpay users can now purchase digital assets. Bitpay app users have the ability to purchase BTC and other cryptos through the firm’s partnership with Simplex. Bitpay revealed that users can also buy the supported cryptocurrencies with a credit card without leaving the application.
The goal of adding more crypto accessibility into the Bitpay app is to “eliminate the need to navigate a cryptocurrency exchange to fund payments.” “Cryptocurrency exchanges can be intimidating for new users,” Bitpay’s co-founder and CEO Stephen Pair explained on Thursday. “The Simplex integration, however, makes the blockchain payment experience seamless.” The Bitpay executive added:
Whether converting fiat to crypto to make crypto payments or converting crypto to fiat to pay with the Bitpay card, the Bitpay app is an all-in-one solution.
Simplex has been working with a number of digital currency companies like Changelly, Xapo, Bithumb, and Binance to provide cryptocurrency purchases via credit and debit cards. The fiat-to-crypto payment processor Simplex undertakes the settlement process, credit card processing, and delivery of crypto coins. Simplex does levy a transaction fee for the processing and has a minimum transaction amount of around $10. The company’s founder and CEO Nimrod Lehavi said the firm looks forward to working with Bitpay.
“A real breakthrough in usability can only be achieved when the leading crypto payment app meets the leader in fiat infrastructure for crypto,” Lehavi explained during the announcement. “We are proud to launch this partnership with Bitpay and will work together to add more innovative solutions in the future.”
In the last few weeks, Bitpay has integrated gift card purchasing abilities for app users in the United Kingdom, while also adding the coins XRP, USDC, GUSD, and PAX. With the added stablecoins, Bitpay believes the firm can create more efficiency when settling transactions between the U.S. and Western Europe by bypassing antiquated schemes like ACH, SEPA, and bank wires. Bitpay thinks that stablecoins will shake up the payment industry and they “provide the speed of cryptocurrency with the stability of the United States Dollar.” The latest partnership with Simplex and the new coin additions indicate the Atlanta company is attempting to cast out more nets into the cryptoconomy’s enormous ocean.
What do you think about Bitpay providing people with the opportunity to purchase cryptocurrencies via the Bitpay app? Let us know what you think about this topic in the comments section below.
Disclaimer: This article is for informational purposes only. Readers should do their own due diligence before taking any actions related to the subject matter written above. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any ideas, software, concepts, content, goods or services mentioned in this article.
Image credits: Shutterstock, Bitpay Blog, Bitpay logo, Simplex Logo, Fair Use, and Pixabay.
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