Tag: Bitpay

BigCommerce Partners with BitPay & Coinpayments to Enable Crypto Payments for Merchants

by Blockchain News

BigCommerce on Thursday announced a strategic partnership with cryptocurrency providers BitPay and CoinPayments to deliver crypto payment solutions to BigCommerce merchants in select countries.

With BitPay and CoinPayments, a NASDAQ-listed e-commerce platform can accept a variety of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Shiba Inu, Wrapped Bitcoin, Litecoin, XRP, and five US dollar-pegged stablecoins such as Binance USD (BUSD), Dai stablecoin (DAI), Gemini dollar (GUSD), USD Coin (USDC), and Pax Dollar (USDP).

By expanding its crypto ecosystem, BigCommerce opens up opportunities for its merchants to offer more payment options, widen its market share, tap into a new customer base, and accelerate international growth through innovation.

Marc Ostryniec, Chief Sales Officer at BigCommerce, talked about the development: “Expanding our crypto ecosystem to include trusted best-of-breed partners is just one step towards driving innovation and growth for our merchants. A new era of consumers are passionate about transacting using crypto, and we’re helping them do it.”

Helping Retailers Navigate a Changing Payment Landscape

E-commerce platforms accepting cryptocurrency are steadily increasing, an evidence that the crypto market continues to grow. The use of cryptos for online shopping has shown parallel expansion.

BigCommerce has joined a number of other e-commerce platforms that have been adding crypto payment capabilities over the past few years.

In May this year, Shopify expanded crypto payment options through a partnership with Crypto.com so its merchants can accept cryptocurrency payments from customers through Crypto.com Pay.

Last month, a Shopify Competitor called Launch Cart enabled its merchants to accept Bitcoin payments using OpenNode and the Lighting Network.

With the growth of global acceptance of cryptocurrency, many online merchants have adopted crypto payments to remain in the trend.

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Accounting Firm Wolf & Company Pairs with Bitpay to Accept Crypto Payments

by Blockchain News

Leading regional CPA firm providing insightful financial accounting and audit services Wolf & Company partners with cryptocurrency payment processor BitPay to accept cryptocurrency payments.

In its official announcement, the company stated that it will now accept payments in various digital assets, including Bitcoin ($BTC), Wrapped Bitcoin (WBTC) Ethereum ($ETH), Litecoin ($LTC), Ripple (XRP) popular meme coins, Shiba Inu ($SHIB) and Dogecoin ($DOGE) and several other USD-pegged stablecoins including Gemini Dollar (GUSD), Pax Dollar (USDP), Binance Dollar (BUSD).

The company officially writes: “As a firm that embraces digital innovation, our team is already working on the cutting edge of cryptocurrency services. By partnering with BitPay to accept crypto payments, we’re truly embracing crypto and its growing role in the economy.”

Wolf & Company is an accounting company specializing in audit, tax, IT audit, and consulting services.

This accounting firm has been around for over 110 years. They deliver assurance, tax, risk management and business consulting services.

Last month, Payments platform Nium launched an API-based solution called “Crypto Accept”, which aims to provide crypto payments to businesses worldwide.

The company said that Crypto Accept currently supports (BTC) and Ethereum (ETH) cryptocurrencies for payment and will launch more cryptocurrencies in 2023.

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Equinox Group to Start Accepting Crypto Payments

by Blockchain News

Equinox Group, one of the most popular luxury health and fitness clubs in the United States, is now permitting its members to pay for their membership subscriptions in cryptocurrencies.

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While ranking as the very first gym centre to accept Bitcoin, it is not the first luxury brand to lend support to the nascent asset class in North America.

Equinox Group has partnered with crypto payments service provider, BitPay for the service, and per the new push, crypto owners can largely take advantage of the new payment model through the digital assets that BitPay is supporting. 

“More than ever, consumers are making luxury purchases through cryptocurrency, and offering cryptocurrency as a form of payment enables Equinox to continue to meet their community where they are,” the company said in a statement. 

It is not uncommon to find businesses now accepting Bitcoin and stablecoins as a means of payment as the demand for these digital currencies is going mainstream. More than ever, a higher number of individuals now hold crypto, and many are exploring avenues to spend their digital assets.

By permitting users to pay in cryptocurrencies, Equinox Group will be setting a precedent that may be emulated by a number of other players in the fitness industry. Equinox has as many as 35 clubs in New York City, with over 100 scattered across the country. Subscriptions on a monthly basis can be as high as $250. 

Luxury auto brand Tesla Inc also supports Bitcoin as payment for its electric vehicles. While the company, under the leadership of Elon Musk has halted this service citing the coin’s environmental unfriendliness, Tesla has shone its radar on Dogecoin (DOGE) which it accepts as a means of payment for Tesla merchandise.

While companies are notably adopting crypto payments, a select number are backtracking on their decisions to accept cryptocurrencies with Wikipedia being the latest of these firms.

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Nium Pairs with Bitpay to Launch API-based Solution, Enhancing Crypto Payments for Business

by Blockchain News

Payments platform Nium has launched an API-based solution called “Crypto Accept”, which aims to provide crypto payments to businesses worldwide.

The company said that Crypto Accept currently supports (BTC) and Ethereum (ETH) cryptocurrencies for payment and will launch more cryptocurrencies in 2023.

Nium is a fintech company that develops a global platform for business payment needs. It is also a payments platform redefining the way consumers and businesses of spending and receives funds across borders. Its goal is to make the movement of money seamless by being a universal plug for financial services.

Joaquin Ayuso de Paul, Senior Vice President and Head of Nium Crypto, said that:

“Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online, Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options.”

Merchants or businesses can make crypto payments through Crypto Accept with zero price volatility or risk. And settle into the business’s bank account the next business day in US dollars or other major fiat currencies.

Nium said the partnership with BitPay will provide thousands of merchants with a fast, secure and straightforward way to embed crypto payments into their online businesses.

Consumers can use a crypto wallet and scan a quick response (QR) code to complete the transaction.

BitPay, a US-based bitcoin payment service provider, allows buyers to make purchases using cryptocurrencies, such as Bitcoin, Ripple, Ether, and Bitcoin Cash and dollar-pegged stablecoins like USD Coin (USDC).

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Google Pay Partners With Cryptocurrency Exchanges To Accept Their Digital Cards

by NEWSBTC

Another day, another massive company entering the cryptocurrency space. Google is making moves to boost up the profile of their Google Pay service, and, of course, crypto is in the mix. The company hired Arnold Goldberg, ex-Senior Vice President at PayPal, “to run its payments division.” That’s according to Bloomberg, who broke the story. 

“The move is part of a broader strategy to team up with a wider range of financial services, including cryptocurrencies, said Bill Ready, Google’s president of commerce. The business, known for the Google Pay system and mobile wallet, has largely avoided the crypto industry.”

Related Reading | Bitcoin Still Overtook Trump, VISA, PayPal, and Libra on Google Search in 2019

Until now, that is. The company is cautiously entering the cryptocurrency space and NewsBTC is here to tell you what you should know about it.

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Google’s Many Failures

The company’s financial division hasn’t been the most successful. Their Google Pay service is far behind its competitors, and facing a crowded space with many players trying to get ahead. Recently, Alphabet Inc. partnered with 11 banks for an initiative called Plex, and canceled everything at the last second. “We’re not a bank — we have no intention of being a bank,” said the company’s president of commerce Bill Ready in a recent interview.

On the other hand, the company has a lot going for it: 

“Google does have enormous consumer reach and a huge balance sheet. The technology giant takes no fees on transactions with its mobile wallet, and Ready said there are no plans to change that.”

GOOGL price chart for 01/19/2022 - TradingView

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Alphabet Inc. price chart on Nasdaq | Source: TradingView.com

What Will The Company’s Crypto Play Consist Of?

Let’s be clear about this, the technology giant is only testing the waters. They haven’t announced anything crazy, nor are they developing technology themselves. Still, it’s a great improvement from their “largely avoided the crypto industry” policy. What are they doing, exactly?

“Google has partnered with companies, including Coinbase Global Inc. and BitPay Inc., to store crypto assets in digital cards, while still having users pay in traditional currencies. Ready said Google is looking to do more of these partnership, though the company still isn’t accepting crypto for transactions.”

Since that’s a little vague, Yahoo! Finance elaborates on the matter:

“Late last year crypto platform Bakkt said its virtual Visa debit card would be available for use on Google Pay online and in stores. Bakkt’s Google Pay support follows in the footsteps of Coinbase, which rolled out support for Apple Pay and Google Pay for its Coinbase Cards earlier this year. Google is also working with Bitpay and Gemini to support their crypto cards, meaning that people who use these cards can add them to Google Pay.”

To further emphasize the lightness of the company’s crypto play, Bill Ready told Bloomberg:

“Crypto is something we pay a lot of attention to. As user demand and merchant demand evolves, we’ll evolve with it.”

How Did The Market React To Google ‘s Announcement?

As soon as the article went live and the news started spreading through the Internet, both Bitcoin and Ethereum’s prices spiked for a little while. Then, as people read exactly what Google announced, the excitement wore off. The two leading cryptocurrencies have been trading horizontally, lightly trending downwards for a while. And this announcement wasn’t strong enough to change that.

Related Reading | Coinbase Adds Option To Buy Crypto With Apple Pay, Google Pay To Follow

Maybe it should’ve been, though.

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Altcoins Are Encroaching On Bitcoin’s Dominance On Digital Payments

by NEWSBTC

Bitcoin has dominated the digital payments space for the longest time and continues to do so. However, this dominance is on the decline as more altcoins are being chosen as the preferred digital currencies for payments. This has mainly been due to cheaper fees resulting from network congestion when the price gets too high. Instead, cryptocurrencies whose fees can range from a few cents to fractions of a cent are now favored by merchants.

Altcoins Are Taking Market Share From Bitcoin

Crypto payments processor BitPay recently released a report outlining the percentages each crypto commanded in the crypto payments space. As expected, Bitcoin dominated the list but what was important to note from the report was how much the pioneer cryptocurrency’s dominance over this space dropped in the space of a year. Between 2020 and 2021, bitcoin lost about 27% dominance.

Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022

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Back in 2020, the company had reported that bitcoin made up for 92% of all digital payments being carried out on the platform. In 2021, this number was at 65% and is expected to continue to drop as merchants move to altcoins for payments.

Bitcoin market dominance compared to altcoins chart from TradingView.com

Bitcoin market dominance down below 40% | Source: Market Cap BTC Dominance on TradingView.com
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The use of Ethereum as a payment method was up, accounting for 15% of the total transactions carried out on the platform. Stablecoins made a big splash with 13% of all transactions.

Meme coins, which grew to popularity within this time and were added by the payments processor amid rising demand, made up a small but impressive percentage of all transactions. Dogecoin and rival Shiba Inu, alongside Litecoin, accounted for 3% of digital payments processed by BitPay for the year.

Stablecoins On The Rise

One of the factors that affect how much users are paying with cryptocurrencies has been the fluctuations in price. For Cryptocurrencies like bitcoin, when the price of the digital asset moves up, the frequency in which it is being used as a method of payment increases drastically. And vice versa during the bear markets.

But with stablecoins, whose values more or less remain the same through bull and bear markets, merchants are able to eliminate this problem. BitPay noted that the use of stablecoins as a method of payment when using digital currencies has gone up tremendously.

Related Reading | What’s In Store For MicroStrategy Going Forward? CEO Michael Saylor Reveals

However, the tide seems to be changing when it comes to the correlation between bull/bear markets and how much users are spending their cryptocurrencies. CEO and founder of BitPay, Stephen Pair, stated that the recent pullback in crypto prices has not affected payments as much as it did in previous markets.

“We have not experienced as much of a decline in volume with this recent pullback,” Paid said. “It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments”

The company which processes around 66,000 transactions a month is one of the largest crypto payments processors on the globe. It processes crypto transactions for prominent companies such as AMC Theaters and the Dallas Mavericks.

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Retail Mexican Giant Elektra and Video Game Developer Nexon Now Accept Bitcoin

by CryptoPotato

One of the largest supermarket chains in Mexico – Elektra – allowed customers to pay their bills in bitcoin instead of fiat currencies. To process the cryptocurrency payments, the company partnered with BitPay.

At the same time, the South Korean-Japanese video game publisher – Nexon – enabled players to purchase in-game items with digital assets.

Elektra Joins The Crypto Club

The behemoth became the first retail store in Mexico to accept bitcoin as a payment method. The company explained that customers who pay for their products in BTC could even apply for a 20% discount on their bills. The promotion is valid until the end of December.

Despite the numerous merits of cryptocurrencies, they are also famous for their volatile nature. On that note, the retail chain assured that any return or cancellation made after completing a BTC payment will result in a refund in Mexican pesos for the same amount paid at the initial transaction.

However, Elektra warned about the risks related to dealing with digital assets. The company said it should not be held accountable for any losses, scams, or mismanagements:

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“The user accepts and recognizes that the access, use, and security of his wallet is the sole responsibility of the user and at no time is Elektra, nor will be responsible for the access, use, and security of the user’s wallet.”

Founded in 1950, Elektra has more than 1,100 locations in Mexico. It also stretches to the United States, Guatemala, Honduras, Peru, Panama, and El Salvador. Interestingly, Elektra’s owner is Ricardo Salinas Pliego – a bitcoin bull who has displayed his support towards the digital asset sector numerous times.

A few weeks ago, he advised investors to enter the BTC ecosystem as soon as possible. Salinas Pliego, known as Mexico’s third-richest person, described the primary cryptocurrency as “the new digital gold.”

Nexon Follows Suit

Another major company that partnered with BitPay to accept digital assets as a means of payment is Nexon. As a result, players will get the chance to buy favorite games like MapleStory, KartRider, Mabinogi, Vindictus, V4, and many more using 11 cryptocurrencies.

Apart from BTC, these include Ether, Dogecoin, Bitcoin Cash, Wrapped Bitcoin, Binance Coin, Litecoin, Dai, Gemini Dollar, Paxos Standard, and USD Coin.

The video game publisher revealed the reason for the initiative is the growing interest, which players have demonstrated recently:

“Nexon listens closely to feedback from our players, including the many who have requested we include cryptocurrencies as a form of in-game payment. Effective immediately, we are pleased to offer this innovative payment feature for our players.”

The South Korean-Japanese giant is not a newbie in the cryptocurrency space. In April this year, it purchased 1,717 bitcoins at an approximate price of $100 million (at the time of the deal).

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Online electronics shop Newegg to accept Shiba Inu crypto during holidays

by Cointelegraph

Major American electronics retailer Newegg continues diving is enabling payments in major cryptocurrency and mem, Shiba Inu (SHIB).

Newegg officially announced Nov. 29 that it will start accepting SHIB as part of its holiday promotional campaign, starting “by early December.”

In order to enable the new payment option, Newegg partnered with cryptocurrency payments platform BitPay. The firm previously unlocked payments in another dog-themed digital currency, Dogecoin (DOGE), through BitPay in April 2021.

“Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com,” Andrew Choi, Newegg’s director of brand marketing, said.

Cointelegraph reached out to Newegg with additional queries and will update this article pending new information.

Related: AMC Theatres CEO considers adding Shiba Inu as payment for ticket purchases

As previously reported, Newegg became one of the first major online shopping stores to accept Bitcoin (BTC) when the company first partnered with BitPay back in 2014. Initially debuting the feature in the United States, the firm subsequently expanded the payment option to more than 70 countries.

Crypto adoption for payments is gaining ground across various industry verticals. Last month, American movie theater company AMC announced it was finally accepting four major cryptocurrencies: Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), after months of hints.