Bitpay integrates ERC-20 tokens backed by Polygon network
Crypto payment service provider Bitpay announced the addition of support to payments in ERC-20 tokens on the Polygon network.
The alliance enables Bitpay consumers to buy, store, swap and spend MATIC within the app later this week. In particular, BitPay app holders will have access to spend other ERC-20 tokens including USDC, DAI, ETH and WBTC on the Polygon Network.
BitPay, which bills itself the world’s largest provider of Bitcoin and cryptocurrency payment services, says its merchants will be able to accept Polygon payments from the most popular Polygon wallets.
Initial payouts will be made using USDC stablecoins native to Polygon’s network and through Polygon-compatible wallets. Polygon USDC is a bridged version of USDC, as opposed to a native implementation such as is issued on blockchains including Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar and Tron.
With Polygon USDC, users won’t have to bridge their USDC from Ethereum’s mainnet to Polygon.
“We’re really excited to be able to support another coin within the Panini Wallet, especially one so connected with the NFT market. The opportunity to partner closely with BitPay, continue to develop the Panini NFT platform, and continue to give our collectors greater payment flexibility and options during this NFT market cycle is a key reason we’ve chosen to work so closely with BitPay,” said Jason Howarth, VP Marketing, Panini America.
The update to BitPay merchants and BitPay app holders add MATIC to the mix of cryptocurrencies. Merchants do not need to make any changes or adjustments in order to accept Polygon payments. Customers have the option to make payments from the BitPay Wallet and other supported wallets.
BitPay facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. On the merchant side, Bitpay allows clients to settle in Bitcoin, Ethereum and Bitcoin Cash, and has recently added options to settle in multiple stablecoins.
BitPay allows users to purchase cryptocurrency directly in the App with bank cards thanks to a partnership with payment provider Simplex. In total, it currently supports 15 cryptocurrencies including Ape Coin (APE), Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin, (LTC), XRP (XRP), Wrapped Bitcoin (WBTC), as well as six stable coins Euro Coin (EUROC), Dai (DAI), Binance USD (BUSD), USD Coin (USDC), Pax Dollar (USDP) and Gemini Dollar (GUSD).