We are excited to announce significant updates to our wallet app! The self-custody BitPay Wallet now supports three new Ethereum Layer 2 networks: Arbitrum, Optimism, and Base. And in order to get maximum usability out of these innovative networks, we’ve refined the app UI to make managing ALL of your assets even easier. This enhancement aims to provide users with faster, cheaper, and more efficient transactions, all with the intuitive user experience and progressive features the BitPay community loves.
In order to take advantage of all of these massive benefits, please make sure you have the latest app version!
What can you do with Arbitrum, Optimism, and Base?
- Explore: Connect your self-custody BitPay Wallet to Web3 and decentralized finance apps.
- Store securely: Manage your crypto assets securely with BitPay’s self-custody wallet featuring industry-leading security.
- Buy: Easily view market rates and purchase a range of supported tokens through a network of partner platforms.
- Sell: Get competitive offers for your assets and sell for cash through partner platforms.
- Swap: Access a variety of supported tokens and swap crypto through trusted exchange providers.
- Send/receive: Send and receive P2P transactions quickly and securely.
The best self-custody wallet to hold and connect your assets.
Updated BitPay Wallet UI
In addition to now supporting Arbitrum, Optimism, and Base, we’ve refreshed the BitPay Wallet app UI to make it easier to manage and use multiple networks from one wallet. Here are some of the major changes now available in the BitPay Wallet app:
EVM account wallets
Store, manage, and utilize all of your Ethereum and Layer 2 assets in one place with EVM accounts.
Simplified wallet creation
Choose from UTXO, Account-based, or Multisig wallets when creating or importing a wallet.
Auto-detect tokens
Tired of manually adding tokens to your Web3 wallets? BitPay Wallet now automatically detects tokens sent to your EVM account, making crypto management easier than ever.
Better sorting and filtering by chain
For our multichain users - easily flip from network to network to more seamlessly manage and utilize all of your assets.
This is just the start - more improvements and features are coming soon to help you get the most out of your wallet!
What it all means for you
Some of the key benefits this update provides to you include:
- Increased usability: Seamlessly interact with Web3 dApps and platforms, expanding your cryptocurrency's utility.
- Speed: Enjoy near-instant transactions with Layer 2 networks, eliminating long wait times.
- Cost-efficiency: Significantly lower transaction fees make everyday transactions more affordable and practical.
- More networks and tokens: Store, manage, and use hundreds of tokens across even more Layer 2 networks.
Background on new L2 networks
Arbitrum
Launched in 2021, Arbitrum is known for its efficient rollup technology, which improves transaction speeds and reduces costs on the Ethereum network. Its unique approach to scaling solutions has quickly made it a popular choice among developers and users alike.
Optimism
As one of the earliest Layer 2 solutions for Ethereum, Optimism focuses on enhancing throughput and reducing transaction fees. Its optimistic rollup technology ensures fast and secure transactions, making it a robust choice for DeFi applications.
Base
Developed by Coinbase, Base is a Layer 2 network designed to offer a secure, low-cost, and developer-friendly environment for building decentralized applications. Its strong backing and innovative design make it a standout in the Layer 2 landscape.
What’s next?
In the coming months, we will be adding support to spend tokens on Arbitrum, Optimism, and Base across the BitPay payments platform - including paying merchants, buying gift cards, paying bills, and sending mass payouts.
Stay tuned for more updates as we continue to expand our network support and bring even more features to enhance your cryptocurrency experience. Our ongoing efforts aim to support more networks and improve the platform, ensuring BitPay remains at the forefront of the wide world of cryptocurrency.
