Launched in 2011, BitPay settles both fiat and crypto payments in over 200 countries.
Payment solution BitPay will soon accept ethereum, the second-largest cryptocurrency by market capitalization, according to an announcement from the company today. With BitPay, subscribing businesses will be able to pay in bitcoin, bitcoin cash, and ether, along with a handful of stablecoins.
Speaking on the addition, ethereum co-founder and creator Vitalik Buterin said it was exciting to see BitPay “leading the way in integrating ethereum into global payment systems.”
“This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real-world use cases for cryptocurrencies,” he continued.
Speaking with CoinDesk, the company said it often reviews potential cryptocurrencies for addition.
“BitPay regularly evaluates blockchains and cryptocurrencies to support the company’s goals of making it easy to send and receive payments for goods and services globally. We selected ethereum as it has broad support for real-world applications and is widely adopted.”
Narrowing it down, BitPay CEO Stephen Pair said ethereum was the next logical choice due to its current market base. “As one of the largest cryptocurrencies by market cap and one used by thousands of companies, Ethereum is the next logical choice,” he concluded.
Last week, the Hong Kong Free Press (HKFP) claimed BitPay was holding up bitcoin donations to the organization. A non-profit news organization, the HKFP has been covering the current civil unrest in the Chinese city. An official response from BitPay has yet to be released concerning the allegations.
Privacy Coin Zcash Community to Develop Wrapped Token for Ethereum
The privacy-focused cryptocurrency Zcash (ZEC) is seeking access to Ethereum’s decentralized finance (DeFi) ecosystem.
Zcash’s shielded addresses on the Ethereum network
On Oct. 13, Coindesk reported that the topic of interoperability was the theme of the now concluded Devcon 5 developer conference in Osaka, Japan, where a number of smaller cryptocurrency projects displayed interest in accessing Ethereum’s DeFi ecosystem. Summa co-founder, James Prestwich, told the news outlet:
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”
Developers all over the world have been working on interoperability solutions to enable different networks to interact more efficiently in an attempt to eradicate existing issues in regard to scalability and speed.
In that regard, Josh Swihart, VP of marketing and business development at Electric Coin Company, said that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network, adding:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”
When asked why decentralized app creators might want shielded address and smart contract options, Zcash Foundation board member Ian Miers said:
“You don’t want to be the kid at Chuck E. Cheese where everyone knows you have all the tokens.”
Zcash gets delisted on Upbit and OKEx
Cointelegraph previously reported that South Korean cryptocurrency exchange Upbit was ceasing trading support for six cryptocurrencies, including Zcash. The exchange clarified that the reason for delisting these six privacy coins is to block the possibility of money laundering and the inflow from external networks.
Just days before, OKEx Korea confirmed it would halt trading of Zcash and other privacy- focussed coins. The exchange said that the coins fall foul of new guidelines set out by the intergovernmental body the Financial Action Task Force.