Bitpay announces payments through Bitcoin Cash

Bitpay will add support for multiple chains, starting with Bitcoin Cash
18 December 2017   890

Bitpay is a service provider for processing payments and invoices through blockchain. Currently, the only available cryptocurrency to do that is Bitcoin, but the company announced the addition of Bitcoin Cash blockchain. Customers will have the option to use not only Bitcoin for their purchases but also Bitcoin Cash and, coming soon, other types of cryptocurrency.

On their website, the Bitpay says that from now on they will be notifying users way in advance about the addition of new blockchains to the payment system, so the businesses will be able to opt out of enforcing some fixed payment method and customers will be able to use less-congested chains to transfer funds faster. If, however, the users want to rely on single chain to stay safe from possible price swings, than they will be able arrange to fix their transactions to a single cryptocurrency.

Also, the Bitpay team announced that the adoption of new blockchains will depend on key usability factors, such as the network hashing power, security, usefulness in payments and market value.  

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   390

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.