Bitpay integrates ERC-20 tokens backed by the Polygon network

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Crypto payment service provider Bitpay has announced the addition of support for ERC-20 token payments on the Polygon network.

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The alliance allows Bitpay consumers to buy, store, trade and spend MATIC in-app later this week. In particular, BitPay app holders will have access to other ERC-20 tokens including USDC, DAI, ETH, and WBTC on the Polygon network.

BitPay, which bills itself as the world’s largest provider of bitcoin and cryptocurrency payment services, says its merchants will be able to accept Polygon payments from the most popular Polygon wallets.

Initial payments will be made using native USDC stablecoins from the Polygon network and through Polygon-enabled wallets. Polygon USDC is a bridged version of USDC, as opposed to a native implementation such as that issued on blockchains including Algorand, Avalanche, Ethereum, Flow, Hedera, Solana, Stellar, and Tron.

With Polygon USDC, users will not have to link their USDC from the Ethereum mainnet to Polygon.

“We are really excited to be able to support another coin in the Panini wallet, especially one so related to the NFT market. The opportunity to partner closely with BitPay, to continue to develop the Panini NFT platform and to continue to offer our collectors greater flexibility and payment options during this NFT market cycle is one key reasons why we chose to work closely with BitPay,” said Jason Howarth, Vice President of Marketing, Panini America.

The BitPay Merchants and BitPay App Holders Update adds MATIC to the cryptocurrency mix. Merchants do not need to make any changes or adjustments to accept Polygon payments. Customers have the option to make payments from the BitPay wallet and other supported wallets.

BitPay facilitates the acceptance of cryptocurrencies by monitoring, validating and confirming customer transactions on each blockchain. On the merchant side, Bitpay allows customers to settle in Bitcoin, Ethereum, and Bitcoin Cash, and recently added options to settle in multiple stablecoins.

BitPay allows users to purchase cryptocurrency directly in-app with bank cards through a partnership with payment provider Simplex. In total, it currently supports 15 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 stablecoins Euro Coin (EUROC), Dai (DAI), Binance USD (BUSD), USD Coin (USDC), Pax Dollar (USDP) and Gemini Dollar (GUSD).

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