To begin with, BitPay added support for Ether (ETH), the 2d largest cryptocurrency with market capitalization.
According to the press release, companies, using BitPay, can accept Ether for purchases without having to install any improvements. BitPay also allows users to store and use Ether in their app. And holders of Visa prepaid cards for it to replenish their debit cards.
In addition, launched in 2011, BitPay processes payments using Bitcoin (BTC), Bitcoin Cash (BCH) and now Ether. Then the system converts all currencies into digital money and vice versa. BitPay has allegedly processed nearly $3 billion in payments since 2011. Above all, commenting on the development, Vitalik Buterin, co-founder of Ethereum, said:
“Interestingly, BitPay leads the way in integrating Ethereum into global payment systems. So, this truly opens up a new world of opportunities for the Ethereum ecosystem, and together we can continue to be a leading innovator in the real world. use cases for cryptocurrencies. “
Security questions and BitPay `s restrictions
Moreover, in recent months, the company has been stepping up security measures. So, it the end of August, the company introduced new identity verification measures for some large payments, refunds, and payments. Currently, the company requires users to go through a one-time verification process, which requires entering data, such as a social security number or passport number, as well as a photo ID.
Also, in the same month, BitPay declined a $100,000 donation to the Amazon Rainforest Charity, as Amazon Watch’s maximum payment limit was set below $100,000. However, after the firm advised employees to change it, they said that this was not possible automatically, and that they had to submit separate documentation.