Thursday, December 8, 2022

BitPay Platform Grants Users Access to Polygon MATIC Payment 

Bitcoin (BTC) and cryptocurrency payment service provider BitPay will allow its users to complete transaction payments with Polygon (MATIC) tokens.

In effect, the BitPay users will be able to spend, save, and trade the MATIC token before the weekends. Apart from the MATIC token, users also get to complete payment in other ERC20 tokens associated with the Polygon protocol.

Accordingly, BitPay is expanding the scope of supported blockchain networks to debut payments in ERC-20 tokens on the Polygon network. Other tokens like Ethereum (ETH), USD Coin (USDC), DAI, and Wrapped Bitcoin (WBTC) are coming up on the BitPay platform.

Initially, the USDC was launched on the ETH blockchain, it was later bridged over to Polygon via the Polygon Bridge.

Chiefly, Sandeep Nailwal Co-founder of Polygon commented on the collaboration between his network and the crypto payment service provider. 

“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. We’re thrilled to be expanding the utility of MATIC and adding further value to the Polygon ecosystem,” Nailwal said

Polygon MATIC Offers Payment Alternatives

The Polygon network is a Proof-of-Stake (PoS) Layer 2 (L2) Ethereum scaling network that was launched about five years ago. BitPay Chief Executive Officer Stephen Pair said “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.”

“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,” Pair added.

Prior to adding MATIC, BitPay also welcomed some other tokens like Apecoin (APE) and Euro Coin (EUROC) in August. The cryptocurrency firm added Lightning Network for the integration of BTC payments with Pacsun as the first engaging merchant.

American retail clothing brand Pacific Sunwear (Pacsun) was the first merchant to leverage Bitpay to accept Lightning Network payments.

Following the addition of Polygon MATIC, collectibles marketplace Panini America will be among the first merchants to accept MATIC payments. In Mid October, Brazil’s digital bank Nubank launched its own cryptocurrency dubbed Nucoin on the Polygon network.

 

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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