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BitPay Roles Out Support for USDC, GUSD, PAX Stablecoins
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BitPay Roles Out Support for USDC, GUSD, PAX Stablecoins

Blockchain payments processor BitPay has added support for three stablecoins – Circle’s USD coin (USDC), the Gemini dollar (GUSD) and Paxos Standard token (PAX).

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The rollout allows BitPay’s over 30,000 merchants, including Microsoft and Avnet, to accept payments in the three stablecoins from consumers. In other words, BitPay’s wallet users, as well as its prepaid cardholders, will be able to spend USDC, GUSD and PAX via supported merchants.

“Businesses can invoice international customers without the need for costly, complicated cross-border wire transfers. Customers can send and receive payments using fast, efficient, and volatility free dollar-pegged stablecoins,” said Stephen Pair, co-founder and CEO of BitPay.

Gemini’s managing director of financial operations, Joshua Rawlins, said merchants benefit from “faster, cheaper, and fraud-resistant payment settlement” and consumers benefit from the ease of using cryptocurrency “without worrying about price fluctuations.”

BitPay also supports bitcoin (BTC), bitcoin cash (BCH) and ether (ETH) payments. The firm has also been preparing to integrate XRP cryptocurrency on its platform, following a partnership with Ripple’s developer program Xpring.

Founded in 2011, BitPay processed over $1 billion in payments last year from global merchants. The firm is backed by notable investors, having raised over $70 million in funding from Peter Thiel’s Founders Fund, Nimble Ventures, and Virgin Group, among others.

BitPay’s Growth

BitPay was first founded in 2011 to provide mobile checkout services to companies that wanted to accept bitcoins. By October 2012, BitPay had grown to having 1,100 active merchants[2] including being WordPress’s bitcoin merchant.

BitPay announced in January 2013 that they would be relocating their headquarters to Atlanta, Georgia from their previous location, Orlando, Florida. The move came following the announcement the company had secured $510,000 in seed funding. According to the company’s co-founder, the city of Atlanta was chosen due to the number of fintech companies located in Georgia.

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In May 2013, BitPay announced that they had raised $2 million via Founders Fund. In September 2013, the company announced it had reached the milestone of 10,000 merchants. Gallippi stated that since the foundation of the company they had processed over $34m, which was the equivalent to 270,830 bitcoins at the time on the Bitcoin Price Index.

Setting Up More Centres

In 2014 BitPay expanded its North American presence beyond its headquarters in Atlanta, opening offices in New York City, San Francisco and St. Petersburg, Florida. BitPay’s European headquarters opened in Amsterdam and their South American Headquarters were opened in Argentina.

In January at CES 2014, BitPay announced that 12,000 merchants had signed up to their service. The D Las Vegas and Golden Gate Hotel and Casino both announced that BitPay would be used as their chosen merchant for Bitcoin in Las Vegas. They were two of the first casinos in Las Vegas to accept Bitcoin.

Shortly after CES 2014, the NBA basketball team the Sacramento Kings announced they would become the first major sports franchise in North America to accept Bitcoin as a form of payment for tickets and merchandise and would be processed by BitPay.

In May 2016, BitPay launched the BitPay Visa Prepaid Debit Card, the first prepaid Visa debit card available for bitcoin users in all 50 US states. The company also added new bitcoin-accepting firms including gaming platform Steam. New collaborations and releases with Intel and Microsoft’s Azure Cloud platform brought new features and capabilities to BitPay’s Copay and Bitcore open source platforms.

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