BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, has announced the introduction of PayPal USD (PYUSD) payments for merchants and consumers. Xsolla, a popular online merchant, will be one of the first to accept PYUSD, allowing customers to purchase merchandise using the PayPal stablecoin.
PYUSD is a cryptocurrency for payments issued by Paxos Trust Company. It is fully backed by U.S. dollar deposits and other cash equivalents, ensuring it can be redeemed 1:1 for U.S. dollars. This stability makes it an attractive option for merchants and consumers alike.
Chris Hewish, CEO of Xsolla, expressed excitement about the partnership with BitPay and the ability to offer PYUSD payments to their customers. He believes that this innovative payment solution aligns with their commitment to providing secure and accessible transaction options, enhancing the buying experience for gamers and paving the way for future developments in the cryptocurrency space.
Stephen Pair, CEO of BitPay, highlighted the importance of payment utility and community involvement when considering the addition of a new cryptocurrency. Supporting PYUSD encourages widespread adoption of cryptocurrency payments from PayPal’s vast customer base.
For BitPay merchants and app holders, there is no need to make any changes or adjustments in order to accept PYUSD payments. The update automatically adds PYUSD to the list of supported cryptocurrencies. Customers have the flexibility to make payments from their BitPay Wallet, PayPal Wallet, Metamask, or any compatible Ethereum wallet.
Established in 2011, BitPay is one of the oldest cryptocurrency companies. The company aims to transform how businesses and individuals send, receive, and store money through its blockchain payment processing solutions. Its services include eliminating fraud chargebacks, reducing payment processing costs, and enabling borderless cryptocurrency payments.
BitPay also offers consumers a full digital asset management solution, including the BitPay Wallet and BitPay Card, allowing them to convert digital assets into dollars for spending at thousands of businesses globally.
With offices in North America, Europe, and South America, BitPay has secured more than $70 million in funding from renowned investment firms such as Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. The company’s global reach and partnerships position it as a leader in the cryptocurrency payment industry.
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