We’ve gotten a lot of positive feedback on our recent additions of ETH, XRP and three stablecoins to the BitPay merchants payment platform and app. Users say they like having more options to spend the currency of their choice, and merchants report an uptick in first-time customers paying with cryptocurrency through BitPay as a result.
Our newest addition, Binance’s USD-denominated BUSD stablecoin, we think will be a favorite of both merchants and users.
If you’re not familiar with Binance, they operate the top digital asset exchange in the world in both volume and number of users. With a daily average trading volume of around $2 billion and more than 15 million users worldwide, their fully registered, NYDFS-approved stablecoin BUSD has seen widespread adoption since its launch last year. Our addition of BUSD is part of a partnership with Binance that we think will expand BitPay merchant’s potential customer base considerably.
Our CEO, Stephen Pair said:
“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.”
In addition to enabling BUSD acceptance for our global merchant base, spending for our more than 2 million BitPay Wallet and Card users, BitPay will also be processing donations for Binance’s Blockchain Charity Foundation.
Binance CEO, Changpeng Zhao, who goes by “CZ” 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. 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. We believe a growing number of merchants and businesses will start adopting crypto, and we are glad to provide the payments solution together with BitPay, making the process simpler and easier.”
Like BitPay, Binance is a company whose primary goal is to bring real-world adoption to cryptocurrency, so our partnership makes a lot of sense. Bringing BUSD to BitPay users and merchants is just the beginning though, so stay tuned...
Here’s a quick snapshot of what happens when the BitPay Wallet will support BUSD beginning April 27, 2020:
- Merchants and users don’t have to do anything to begin accepting BUSD payments as support is automatic beginning April 29th, 2020.
- Accepting or paying with BUSD opens up new possibilities for global businesses that require the stability of the dollar but the security and efficiency of blockchain payments with BitPay.
- BitPay will process donations for the Binance Charity Foundation.