Global blockchain payments provider BitPay announced earlier this week it is set to support XRP for payment processing and cross-border transfer through its new partnership with Ripple’s developer initiative, Xpring. According to BitPay, the support will allow businesses to accept XRP for payments through BitPay’s merchant processing and cross-border payments platform safely, securely, and compliantly, starting by the end of the year.
BitPay also reported that through the support BitPay Wallet and BitPay Prepaid Cardholders may also store and spend XRP through BitPay merchants and businesses.
“XRP is the third-largest cryptocurrency with a market capitalization of more than $20 billion. Current BitPay customers will be able to add XRP without the need for any integration or enhancements.”
Speaking about the support, Sean Rolland, Director of Product at BitPay, stated:
“BitPay customers are leveraging the promise of blockchain payment technology and with XRP can offer a payment option that is fast, cost-effective and scalable. The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space.”
BitPay Wallet will also integrate with Xpring’s newly launched developer platform, which BitPay claims makes it easier for developers of any kind to integrate money into their business. Ethan Beard, SVP of Xpring, also commented:
“We’re excited to partner with BitPay to enable XRP for its thousands of merchants for everyday purchases and bills. This is key in advancing the proliferation and adoption of XRP as a medium of exchange to help solve real-world problems.”
BitPay noted it offers XRP as a payment mechanism along with Bitcoin, Bitcoin Cash, and Ethereum. Businesses have another settlement solution that does not rely on traditional bank wires. The platform added it processed more than $1 billion annually from global merchants including Microsoft, Newegg, Dish Networks, FanDuel and Avnet will be able to turn on support for XRP without any additional integration.