Over the course of the past few years, plenty of innovative companies have come up, and one of the more interesting ones in this regard has been BitPay. The company is a blockchain payment provider and is regarded among the more innovative companies in the crypto ecosystem.
In a new development, BitPay announced that it is going to provide support for XRP payments by the end of 2019. It is a significant development not only for the company itself but also for XRP, which is currently the third-biggest cryptocurrency in the world by market cap.
As everyone knows, the ultimate aim of most cryptocurrencies is to be accepted as a regular payment and make a dent in the dominance enjoyed by fiat currencies. To that end, this is a major development for XRP, which has fashioned itself as a payments solutions provider for institutions as well as for individuals. According to the revelations made by the company to a leading crypto news website, BitPay has actually partnered with Xpring, a product created by Ripple, and it is going to use it to complete the integration of XRP to its platform. The director of product at the company, Sean Rolland, stated, “XRP can offer a payment option that is fast, cost-effective and scalable.”
One of the more important things to come out of this development is the realization that XRP is not only meant for institutions and large banks but also for individuals who wish to make fast payments. BitPay has grown significantly over the course of the past few years, and last year alone, the company processed as much as $1 billion worth of payments.
It is an indication that payments through cryptocurrencies are catching on at last, and it is only a matter of time before it becomes far more widespread throughout the world. In September, BitPay added support for Ethereum as well.
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