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Taking cryptocurrency mainstream involves many tasks, among them eliminating as much as possible exceptions in transactions made with the virtual currency. In response to this need, BitPay Inc. said Thursday its accurate payment protocol has been adopted by cryptocurrency exchanges Bitso and Bitstamp and crypto wallets Edge and Guarda.
The deals bring the number of crypto wallets using the BitPay protocol to more than 100. It also brings to 200 million the potential number of consumers who can pay with cryptocurrency without the possibility of double-spend payments and payment errors, such as overpayments, underpayments, late payments, unconfirmed payments, the company says. BitPay launched its accurate payment protocol in 2017 as part of its goal of working with all crypto wallets.
Other wallets using the protocol include Blockchain Wallet, Electrum, BRD, Metamask, and Ledger. In addition, BitPay has partnered with POS terminal maker Verifone Inc. Verifone’s 600,000 merchants, which operate 35 million terminals, have BitPay’s protocol automatically enabled for in-store and online purchases.
“Businesses accepting crypto should be able to accept payments from any crypto wallet and payments should post fast and be free of payment expectations,” BitPay chief executive Stephen Pair says in a prepared statement. “We are developing payment-technology solutions to transform how businesses and people send, receive, and store money around the world, making payments faster, more secure, and less expensive.”
Since its launch in 2011, BitPay has processed more than $5 billion in payments for tens of thousands of businesses worldwide, the company says. BitPay’s digital assets include the BitPay Wallet and BitPay prepaid card.
