The cryptocurrency payment processor/service BitPay has recently announced the addition of Ripple’s XRP to their list of supported currencies.
BitPay co-founder Tony Gallippi confirms that users will be able to buy gift cards with XRP starting next week. Gallippi retweeted the news, which was first uncovered by a group of XRP enthusiasts.
XRP is the world’s third-largest cryptocurrency by market capitalization. At the time of writing, its market capitalization was $10,224,555,800 and the XRP price was $0.234050 which is up 0.4% over the last 7 days.
When talking about BitPay, XRP has been integrated on the company’s platform via Ripple’s open developer platform Xpring. As per the company’s explanation, Xpring is an “initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs. Every entrepreneur will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems in a transformative way.”
“The addition of XRP as the next blockchain asset supported by BitPay expands blockchain choices across the payments space.”Sean Rolland – Director of Product at BitPay
BitPay now supports a total of seven cryptocurrencies and stablecoins on its platform including Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX).
BitPay also has launched support for XRP and the so-called eGifter and CareUSA among the first retailers that decided to accept XRP as a payment method upon launch.
eGifter is a sort of an innovator in the digital gift card space and was one of the first to start accepting Bitcoin when Bitpay launched several years ago. Xpring company says that it wants to support BitPay as a partner.
The inclusion of XRP provides added value for BitPay, a venture capital-funded startup that has been long at the forefront of providing bitcoin payment services for large companies. The company claims to have thousands of companies currently using its bitcoin payment gateway, with Microsoft Corp., Shopify Inc.and Newgg Inc. using the BitPay service.
For XRP, the deal provides those who hold the cryptocurrency new ways to use their holdings. Although traditional cryptocurrencies aren’t centralized, XRP from day one was a centrally controlled cryptocurrency designed to act as a remittance network that, among other things, acts as a settlement currency for various financial transactions.