Founded back in 2011, BitPay was one of the very first services for merchants to process payments in Bitcoin (BTC), including its automatic and seamless conversion between BTC and US dollars. The crypto company is now partnering with website development platform Wix, as well as its 210 million users across the planet.
A win-win addition of crypto payments on Wix
The exponential growth of cryptocurrencies and their use cases is making crypto payments increasingly common. This generates a high demand for having the choice of this type of payment from the users of these various blockchain networks.
It is in this context that BitPay and Wix announced, via a press release, that it was establishing a partnership together. This is so that BitPay can offer its crypto payment processing service on websites developed by Wix customers.
“We continue to integrate innovative payment partners, to provide merchants who have chosen Wix with ever more payment options to offer their customers (…) With BitPay, merchants on Wix have access to a whole new market of customers who prefer to pay with bitcoin and other cryptocurrencies, as well as a way for their business to tap into the growing cryptocurrency market.”
Omer Shatzky, billing and payments manager at Wix
A wide range of cryptos to choose from in addition to king Bitcoin
The integration of crypto payments on Wix effectively allows, on the merchant side, to attract new buyers, while on the customer side, it will greatly expand the possibilities of spending their cryptocurrencies.
Especially since BitPay will support a good dozen different cryptos on Wix. Already, there is Bitcoin of course, but also Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Wrapped Bitcoin (WBTC) and XRP.
And 5 U.S. dollar stablecoins will also be supported on the e-commerce sites, namely Circle’s USDC, Binance’s BUSD, MakerDAO’s DAI, Gemini’s GUSD, and Paxos’ USDP.
“Wix is one of the largest and most widely used website development platforms, with over 210 million users, so this is another step forward in the mainstreaming of cryptocurrencies (…) Businesses can get into the market quickly and capture additional sales by leveraging the massive cryptocurrency market (…)”
Stephen Pair, CEO of BitPay
When it launches, merchants in 6 countries will be able to take advantage of this crypto-payment service on Wix: the United States, the United Kingdom, Brazil, Australia, Canada and Germany.
Some analysts thus predict a real explosion of crypto-currency payments in the coming years. A recent report by Arcane Research even estimates that there could be 700 million users by 2030 on Bitcoin’s Lightning Network alone.
