BitPay’s Accurate Payment Protocol Adopted by More Wallets and Exchanges
Bitcoin and cryptocurrency provider BitPay announced two new exchanges and two new wallets are adopting its accurate payment protocol including top crypto providers Bitso, Bitstamp, Edge, and Guarda.
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BitPay’s accurate payment protocol, the BitPay Protocol, enables more reliable blockchain payments by eliminating common payment exceptions including overpayments, underpayments, late payments, unconfirmed payments, and potential double-spend payments.
In addition to the new partners, the BitPay Protocol has already been adopted by Blockchain Wallet, the world’s largest self-custody wallet. Many other leading wallets are also payment enabled including Electrum, BRD, Metamask, Ledger and more.
Verifone’s 600,000 merchants, with a footprint of 35 million devices, also have BitPay’s Payment Protocol automatically enabled for in-store and online purchases.
BitPay first launched its accurate payment specification in 2017 to eliminate payment exceptions in transactions made with cryptocurrency, setting the standard currently adopted by top wallet organizations.
Since then, the company has expanded upon the available features and now businesses can accept crypto through BitPay and receive error-free payments from over 200 million crypto users.
BitPay Works With More Than 100 Different Wallets
As a blockchain payment processor, BitPay’s goal is to work with all wallets, and BitPay is the only payment processor that works with more than 100 different wallets to facilitate and optimize consumer-to-business (C2B) and business-to-business (B2B) payments.
The company has processed over $5 billion in payments volume since its inception, for tens of thousands of businesses worldwide.
“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 Protocol delivers on all these benefits and BitPay is pleased that our new and existing wallet and exchange partners have set the industry bar for payment quality.”Stephen Pair, CEO of BitPay
“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,” added Pair.
BitPay was founded in 2011 and has pioneered blockchain payment processing. The company’s mission is to transform how businesses and people send, receive, and store money using cryptocurrencies.
Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services.
The company is headquartered in Alpharetta, Georgia, a suburb of Atlanta.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.