On the 23rd of January, 2020, the Bitpay crypto payments firm made an announcement. This announcement is in regards to customers now being capable of buying various forms of digital assets by way of its namesake platform. The company, based in Atlanta, US, had partnered up with a payment processor specializing in fiat-to-crypto transactions: Simplex. With this, Bitpay is toting the feature as an “all-in-one solution” for activities related to cryptocurrencies.
Major Integration Shift
Bitpay has been leading the markets when it comes to serving as a crypto payment processor. The firm was initially founded almost ten years ago, in 2011, by one Tony Gallippi and Stephan Pair. Until 2018, the firm could only accept Bitcoin (BTC) for its various invoices and settlements but started to pan out in 2018’s spring with Bitcoin Cash (BCH). As it stands now, Bitpay is capable of payments by BTC, BCH, Ethereum (ETH), and three USD-pegged stablecoins (USDC, PAX, and GUSD). Within the first month of this year, Bitpay had already announced the integration of the Ripple network’s XRP coin. Since last Tuesday, XRP payments are live on Bitpay.
With the support of coins other than BTC, Bitpay has made a few changes to its business model. One of these changes is allowing users of Bitpay to buy digital assets directly from the payment processor. Bitpay’s namesake app allows its users to purchase various forms of crypto thanks to its new partnership with Simplex. Furthermore, Bitpay revealed to the public that its users could pay for these supported crypto types with a credit card, without ever needing to leave the platform.
Serving As Pioneer Of Convenience
The goal of these new features, as Bitpay described it, is to cut out all need to navigate to other exchange platforms to fund payments. As Bitpay explains, crypto exchanges can prove to be an intimidating venture for users new to the crypto-verse. According to Bitpay’s statement, these new features aim to make the entire crypto process seamless. These statements were given by way of one Stephan Pair, the co-founder and CEO of Bitpay.
Simple Simplex Solutions
Simplex has been a client for many digital asset firms, with names like Binance, Bithumb, Xapo, and Changelly being the largest on that list. Simplex allows for crypto purchases by way of debit or credit cards. The entire process, from settlement, credit card processing, and crypto delivery, gets handled by Simplex, making the user experience a seamless purchase. Simplex gains its success by way of a transaction fee, with a minimum transaction amount being an equivalent of $10 or higher. Nimrod Lehavi, the Simplex CEO, stated that he was eager to work alongside Bitpay.