10/26/2022 | Business Wire

BitPay Adds Polygon Network Expanding Crypto Payment Options

BitPay Adds Polygon Network Expanding Crypto Payment Options

ATLANTA--(BUSINESS WIRE)--BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, has announced support for Polygon and MATIC. Consumers can buy, store, swap and spend MATIC within the BitPay app later this week. For the first time, BitPay app holders will have access to spend other ERC-20 tokens including USDC, DAI, ETH and WBTC on the Polygon Network. BitPay merchants will be able to accept Polygon payments from the most popular Polygon wallets.

As the first merchant to accept MATIC through BitPay, Panini America is supporting its customers with a new digital payment option. Panini is the International brand leader within the world of sticker and trading card collectibles with over 1,000 collection launches each year and one of the leading publishers of children magazines and books, comics, manga and graphic novels. Users have access to thousands of NBA, NHL, NFL and more NFTs through Panini’s NFT marketplace.

“We’re really excited to be able to support another coin within the Panini Wallet, especially one so connected with the NFT market. The opportunity to partner closely with BitPay, continue to develop the Panini NFT platform, and continue to give our collectors greater payment flexibility and options during this NFT market cycle is a key reason we’ve chosen to work so closely with BitPay,” said Jason Howarth, VP Marketing, Panini America.

The Polygon frictionless and carbon-neutral Layer-2 Ethereum scaling platform offers a fast, scalable, and ultra-low fee environment for web3 users and builders alike. Its native token, MATIC, is used for blockchain governance, paying transaction fees, and participating in decentralized apps (dapps). The network is fast becoming the de facto platform for Web3, working with major brands and corporations such as DraftKings, Meta, Starbucks, Reddit, and Stripe, among others, and boasting over 37,000 dapps.

”When adding a new coin for merchants to accept, we look at many factors, but among the most important is its payment utility and community involvement. The Polygon network encourages mass adoption by enabling blockchain networks to connect and scale to support new and existing users,” said Stephen Pair, CEO of BitPay. “Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”

"Working with BitPay opens up a new world of commerce to MATIC holders, allowing them to spend with a host of global merchants including Airbnb and Shopify for the first time,” said Sandeep Nailwal, Co-Founder of Polygon "We're thrilled the utility of MATIC is expanding and adding further value to the Polygon ecosystem.”

The update to BitPay merchants and BitPay app holders is automatic to add MATIC to the mix of cryptocurrencies. Merchants do not need to make any changes or adjustments in order to accept Polygon payments. Customers have the option to make payments from the BitPay Wallet and other supported wallets. In addition to Polygon (MATIC), BitPay supports 15 other cryptocurrencies including Ape Coin (APE), Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin, (LTC), XRP (XRP), Wrapped Bitcoin (WBTC), as well as six stable coins Euro Coin (EUROC), Dai (DAI), Binance USD (BUSD), USD Coin (USDC), Pax Dollar (USDP) and Gemini Dollar (GUSD).

About BitPay

Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company’s mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.

About Polygon

Polygon Technology is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 37,000+ decentralized applications hosted, 2.1B+ total transactions processed, 174.9M+ unique user addresses, and $5B+ in assets secured. The network is home for some of the biggest Web3 projects such as Aave, Uniswap, OpenSea and well-known enterprises including Meta, Stripe and Adobe. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.

If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.