The cryptocurrency payment processing company BitPay has announced it plans to increase the number of digital currencies it supports. This was made known in a recent comment by the company’s CEO, Stephen Pair.
According to him, this is due to the increasing demand from the company’s users for other cryptocurrencies other that Bitcoin, Ethereum and Bitcoin Cash which are the most visible tokens supported by BitPay.
“We constantly get asked about XRP and a number of stablecoins. Our customers would prefer that we support all cryptocurrencies, but we have to make choices.”
The stablecoins presently supported by BitPay are USD Coin (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX). The company has already added XRP support due to demand from its customers. This means that users can now make or receive payments in Ripple (XRP) according to a statement by BitPay CMO, Bill Zielke.
The CEO, Stephen Pair stated that the new cryptocurrency support would focus on successful blockchain assets that have high capitalization, though he did not specify the exact coins that should be expected in the planned integration.
“I’m not going to specifically name which ones we will add, but you can look at CoinMarketCap to see all the top blockchains and come up with good guesses in what we are interested in. We are looking at cryptocurrencies that have adoption, and work well for payments. We also might add some smaller ones that aren’t as adopted, but are doing something innovative around payments,” said Pair.
The company has also set its sights on Lightning Network (LN), the side-chain protocol that enables transaction of Bitcoin to be made instantaneously via an extra layer at even lower or zero fees.
BitPay transact more than a billion dollars in volume annually through its 30,000 merchant users. The company which has been around since 2011 is at the forefront of Bitcoin payments merchant processing.