Crypto payments firm BitPay is adding support of Binance’s stablecoin BUSD, in order to enhance its crypto payment options. BitPay users will now be able to accept BUSD as a payment method. They will be able to buy BUSD on Binance or any other platform where the coin is listed. The BitPay wallet now has more than 2 million users.
The firm will also be launching its merchant support this week, after which users will be able to execute cross border payments using BUSD. Furthermore, it will also process all transactions related to the Binance Charity Foundation.
Stephen Pair, CEO of BitPay commented, “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. 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 US dollar.”
https://t.co/gb80wiwKu1 We’re proud to announce @BitPay & @binance have partnered to allow BitPay's 2M+ wallet holders to store and spend #BUSD at any BitPay merchant via our #cryptowallet. Visionary #CEOs @spair and @cz_binance work together for global crypto adoption.
— BitPay (@BitPay) April 27, 2020
BitPay already supports the following coins – Coinbase’s USD Coin (USDC), the Gemini Dollar (GUSD), the Paxos Standard token (PAX) Prior, Bitcoin, Bitcoin Cash, and Ethereum.
Commenting about the collaboration, Binance CEO Changpendg Zhao said, “We are honored to partner with BitPay, one of the earliest and most reputable crypto payment service providers in our industry. Stablecoin is the forerunner of blockchain-powered payments by its nature.
— CZ Binance 🔶🔶🔶 (@cz_binance) April 27, 2020
Partnering with BitPay will enable merchants and businesses from around the world to accept BUSD, the USD-denominated stablecoin approved by the New York State Department of Financial Services (NYDFS). 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.”