Shortly after adding ETH, XRP, and three stablecoins to its platform, blockchain payment services provider BitPay announced today it has added one more to the mix.
BitPay is collaborating with digital asset exchange platform Binance to add the Malta-based company’s stablecoin, BUSD, to its platform. The new addition will enable BitPay’s 2 million users to top up their BitPay card and wallet using BUSD and will also allow the company’s merchant clients to accept BUSD as a form of payment in cross-border transactions.
Binance’s BUSD, which is pegged to the U.S. dollar, offers merchants across the globe a currency that is as stable as the dollar but offers the beneficial aspects, such as security and efficiency, of blockchain-based payments.
“The partnership with Binance is about more than supporting another stablecoin, it is about making cross border payments simple and easy for both businesses by leveraging the global influence of Binance Exchange,” said Stephen Pair, CEO of BitPay. “With BUSD, BitPay expands blockchain payment choices for all our customers across the global payments space who want the flexibility of paying on the blockchain with the stability of the U.S. dollar.”
“Stablecoin is the forerunner of blockchain-powered payments by its nature. Partnering with BitPay will enable merchants and businesses from around the world to accept BUSD,” said Binance Founder and CEO Changpeng Zhao. “We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payment solution together with BitPay, making the process simpler and easier.”
Bitpay has processed more than $2.8 billion since it launched in 2011 and now operates a $250 billion crypto marketplace. The Atlanta, Georgia-based company offers bank deposits in 38 countries. Among Bitpay’s clients are Microsoft, Newegg, AT&T, and Dish Networks.
Founded in 2017, Binance ranks among the top digital asset exchanges by volume and number of users. On average, the company facilitates around $2 billion in trades each day and has more than 15 million users.
Support for BUSD in BitPay’s wallet goes live today. The company will launch support for merchants “in the coming days.”