The well-known BitPay wallet has announced on its Twitter profile that merchants around the world will soon be able to accept payments in XRP.
Founded in 2011, BitPay is one of the most experienced and long-lived companies in the field of bitcoin payments. Its suite of products allows companies to send and receive cryptocurrency payments. In addition, the company allows its customers to manage their tokens on the BitPay wallet and easily convert their cryptocurrencies into fiat currency with the BitPay prepaid VISA card.
Ripple joins the short list of already accepted cryptocurrencies, which include bitcoin (BTC), bitcoin cash (BCH), the newcomer ethereum (ETH) and three stablecoins: USDC, GUSD and PAX.
Ripple, through its Twitter profile, was very enthusiastic about the partnership and confirmed how thousands of traders will be able to accept the third major cryptocurrency in the world in terms of market capitalisation.
More exciting news: Ripple has partnered with @BitPay to enable thousands of businesses to accept #XRP for payments. https://t.co/oFzM1p37LC
— Ripple (@Ripple) October 2, 2019
In addition to supporting the XRP token, BitPay will also integrate with Xpring, which allows developers to easily integrate payments for any type of business.
Integration of XRP and Xpring with the BitPay wallet is expected by the end of this year.
The news comes after that Crypto Ratings Council, on a 1-5 scale for recognising security tokens, assigned XRP a score of 4, defining it as almost a security token.
Sean Rolland, BitPay’s product director, said:
“XRP can offer a payment option that is fast, cost-effective and scalable”.
BitPay processed over $1 billion in payments last year on behalf of merchants around the world. Major customers include Microsoft, Dish Networks, FanDuel and Avnet.
Stephen Pair, CEO and co-founder of BitPay, said that currently, 95% of the payments they process are in bitcoin.