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Bitpay Now Supports Binance's Stablecoin For Global Payments

Binance and Bitpay have partnered to enable consumers and merchants to access Binance stablecoins.

Bitpay Now Supports Binance’s Stablecoin For Global Payments

Bitpay and Binance, the largest crypto exchange in terms of trading volume, have partnered to drive adoption of Binance stablecoin BUSD. Through such a partnership, Bitpay aims to enable its customers and merchants around the globe to accept Binance stablecoin as a form of online payment. Bitpay businesses and merchants can purchase Binance stablecoin through global exchanges listing the stablecoin and the Binance exchange.

Binance’s Stablecoin Targets Global Consumers and Merchants

The stablecoin is now available to over 2 million Bitpay’s customers and merchants across the world. The support for the stablecoin would also be rolled out for Bitpay card. The stablecoin payment opens a new door for global businesses, which require the stability of the dollar and blockchain payments’ efficiency and security. Bitpay helps merchants globally to send and obtain international payments cheaper and faster compared to traditional bank wires. Furthermore, its cross-border business-to-business invoicing platform also is accurate, with minimized fraud risk, and fast bank settlement using stablecoins.

Bitpay CEO, Stephen Pair, said that the partnership with Binance is more than supporting another stablecoin. It is about making cross border payments easy and simple for both businesses by leveraging the global influence of Binance Exchange.

On the other hand, Changpeng Zhao, CEO and founder of Binance stated: “We are honored to partner with Bitpay, one of the earliest and most reputable crypto payment service providers in our industry.” He mentioned that partnership with Bitpay would enable businesses and merchants across the globe to accept Binance stablecoin, approved by the NYDFS (New York State Department of Financial Services).

The recent partnership has been made because of the rising demand of the Binance stablecoin. The support of Binance stablecoin will see the asset class joining other stablecoins like USDC by Coinbase, the Gemini Dollar, and Paxos as other main payment options. The demand for stablecoins and crypto payment is on the rise, a phenomenon that has made the popularity of Bitpay increase. Binance stablecoin is backed by traditional currency, and this protects users against the volatility associated with cryptocurrency. Apart from stablecoins, users have the option of making payments using Bitcoin and other leading cryptos.

It Is the Season of Giving! Binance Charity Is Giving Back

As part of the partnership, Bitpay is set to process all donations being channeled through the Binance Charity Foundation to public charities. Binance charity is an exchange initiative focuses on supporting donations using blockchain. The timing is right particularly during the COVID-19 crisis that will see more blockchain-based companies donate to assist the victims.

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Bitpay Announces the First Large Online International Furniture Brand to Go Live

Beliani, a European online home accessory and furniture seller, has secured a partnership with BitPay, a US-based bitcoin payment service provider, to allow buyers make purchases using cryptocurrencies, such as Bitcoin, Ripple, Ether, and Bitcoin Cash, as well as dollar-pegged stablecoins like USD Coin (USDC). According to the release shared with Blockchain.news, this approach will enable shoppers to save 2-3% on every crypto transaction made compared to other payment methods.

Crypto payment gaining traction

Through this strategic collaboration, buyers will have the opportunity to spend cryptocurrencies on over 100,000 high-quality and on-trend pieces presented by Beliani. This payment option is intended to entice crypto enthusiasts, as was witnessed a while back when over 100 car dealers started accepting crypto payments in the United Kingdom.

Beliani has stamped its authority in the European market as it has at least 1 million customers spread across sixteen countries, such as France, Austra, Germany, Switzerland, Belgium, the UK, and Italy.

Stephen Pair, Bitpay co-founder and CEO, noted, “It’s great to see Beliani accept crypto adding new furniture options to BitPay users who are looking to spend bitcoin and opening new market opportunities to Beliani.”

By welcoming crypto payments channeled via Bitpay, Beliani seeks to boost its international presence by eliminating risks like chargebacks associated with traditional credit cards.

Decentralized ecosystem

According to Stephan Widmer, Beliani CEO, “In today’s economic climate it’s easy to see the value BitPay adds by opening up our products to new consumers, and by being an early adopter of a payment technology that’s on the verge of exploding into mainstream adoption.”

Bitpay will facilitate crypto payments by monitoring, confirming, and validating client transactions on a blockchain-based decentralized ecosystem.

Recently, Harvard Blockchain Lab praised Fight to Fame Model for its true realization of a decentralized network in the entertainment industry that has proven to be a hard nut to crack.

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Twitter Massive Hack Attack Traced Back to Crypto Wallet Using BitPay and Coinbase

In the massive Bitcoin scheme that happened earlier this week, reputed coin exchanges such as Binance, Gemini, and Coinbase were targeted by crypto scammers, and officials have been hard at work investigating the digital trail that may lead back to the crypto scammers.

Not only were these big-name cryptocurrency exchanges affected, but multiple celebrities and huge-time figures ranging from Kim Kardashian to Bill Gates and presidential runner Joe Biden saw their Twitter accounts compromised as well.

Bitcoin Twitter Hack

The first signs of a mass media scam attack came around 3 pm EDT, on Wednesday. A tweet popped up on one of the cryptocurrency exchange’s Twitter account — Binance — that read that the coin exchange had partnered with “CryptoForHealth” and was looking to give back 5000 Bitcoins to the community. Attached to the message was a link indicating where people could donate and send their crypto contributions.

The scam worked miracles as Bitcoin donations started rolling in minutes after the incident. One Bitcoin wallet address was even seen to carry a groundbreaking $100,000 in funds.

Twitter Goes Silent

Twitter support then went on to temporarily prevent all verified accounts on their social media platform from tweeting for about half an hour. They tried to reassure their social media community and engage in damage control. Twitter support publicly announced that they were working on the security incident and investigating further in order to fix the breach. Updates will soon be provided, Twitter Support posted.

Twitter CEO Jack Dorsey came forward and expressed on his social Twitter platform that it had been a “tough day for us at Twitter. We all feel terrible this happened. We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.” He expressed his apologies for the inconvenience caused by the Bitcoin sneak attack.

Investigators Trace Hack Activity

Investigators of the Twitter hack uncovered that the group behind the massive Bitcoin scam must have coerced an employee into providing high-security internal admin access to Twitter. Crypto scammers were only able to pull off what may be the largest hack on Twitter ever due to exclusive access to the social platform provided by an internal employee. Twitter issued a report on their platform saying:

“We detected what we believe to be a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools. We know they used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf. We’re looking into what other malicious activity they may have conducted or information they may have accessed and will share more here as we have it.”

Hacker Identities Revealed?

Furthermore, the hackers do not seem to be sophisticated Bitcoin users, since they left trails of their activity that could be linked back to BitPay and Coinbase. These big-name crypto exchanges can potentially hold the key to uncovering their identities. Investigations led by Blockchain Intelligence Whitestream, a blockchain analytics company, unveiled that three transactions originating from the address that scammers linked could be traced back to crypto wallets that were found to be associated with Coinbase and BitPay. Both exchanges provide merchant solutions.

Coinbase and BitPay Used in Attacks

The first transaction was a small amount of funds allocated to BitPay, while the other two were sent to Coinbase.

The hackers used a legacy address initially but seem to later have switched to a Bech32 address to target non-crypto accounts. However, the original address currently appears to be the consolidation point for all the proceeds of the attack. It has been found to hold 14.75 BTC, which is worth approximately $135,000.

The latter transactions have been a bit more sophisticated, as the change address is always different than any of the other inputs.

Investigators are still currently working on cracking down on the Bitcoin scammers, but they seem to be getting closer.

Twitch Offers Bitcoin Discount to 15 million Gaming and Livestreaming Subscribers

Twitch is now leveraging BitPay’s digital currency processing network to facilitate Bitcoin cryptocurrency payments and has announced a special 10% crypto discount promotion.

The World’s leading live-streaming platform for gamers, Twitch has announced that its subscribers who choose to pay with cryptocurrencies like Bitcoin will get a special 10% discount.

The Amazon-owned premier live streaming platform Twitch is escalating its digital strategy with its recent crypto promotion ramping up its crypto strategy. Twitch is primarily leveraged by video game live streamers and is now offering a 10% subscription discount when paying with cryptocurrency through the platform’s payment processor, BitPay.

Gaming and Crypto

The potential for mass crypto adoption through Twitch is huge as the site has a regular viewer base of over 15 million, as well as 27,000 partner channels and over 2 million people who broadcast their gameplay live on a monthly basis.

Twitch had originally introduced cryptocurrency payments back in 2014 but the system was stopped in the first quarter of 2019. Twitch is now leveraging BitPay‘s digital currency processing network to facilitate cryptocurrency payments. The system now accepts Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin(LTC) as well as four USD-pegged stable coins Gemini Dollar (GUSD), USD Coins (USDC), Paxos Standard Token (PAX) and Binance USD (BUSD). Ripple‘s XRP is also accepted.

When paying with cryptocurrencies on Twitch, users just have to select the ‘Pay with BitPay at Checkout’—to get the 10% discount.

Representatives from BitPay believe that cryptocurrency payments and gaming are made for each other and that using cryptocurrencies for transactions will increase the number of users on the gaming platform while reducing the cost of maintenance, and streamlining payments with less error. The payments platform believes that Twitch is just the first of many to utilize crypto payments.

Blockchain Live Streaming

While Twitch may be the first live-streaming site to leverage crypto, it is definitely not the first to utilize blockchain and in fact may start to lose market share to more decentralized platforms that allow creators more control.

DLive is one such platform looking forward to disrupting the existing monopolized video streaming services existing on the internet, which are dominated by only a few players in the market players mainly YouTube and Twitch.

Dlive is powered by the Lino blockchain, on which you can build your own value-sharing content-based economy and promises that “content creators, viewers, and all other contributors are fully and fairly incentivized.”

This project focuses on building and promoting a decentralized video content distribution infrastructure, which does away with the middlemen to better pays the content creators and the artists more fairly.

U.S. National Republican Congressional Committee To Accept Crypto Donations Through Bitpay

In one of a kind move, the House Republican campaign arm, the National Republican Congressional Committee (NRCC) in the United States, has announced an acceptance of cryptocurrencies as donations to its campaign efforts.

According to a report by Axios, the NRCC will become the first national party committee to test this new form of virtual financial assets, defying the ongoing claims of the environmental concerns attached to these new asset classes.

Per the report, the crypto donations will be received through Bitpay and converted to the U.S. dollar immediately. Individual contributions have been boosted to $10,000 per individual per year. This implies that the NRCC will not keep custody of the potential crypto donations from the masses; instead, it solicits the proceeds from their sales.

“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority. And this innovative technology will help provide Republicans (with) the resources we need to succeed,” Rep. Tom Emmer (R-Minn.), the NRCC chairman, said in a statement.

The move has been seen by many as bullish for Bitcoin and the entire cryptocurrency ecosystem. The support for crypto donations by the NRCC tilts the arguments of irrelevance in Bitcoin’s favour, as major critics drawing on the transparency of crypto transactions will now have a more formidable audience to deal with.

Crypto Influences US Political Terrain

Despite the various criticisms it holds, Digital currencies have always been a tool that features prominently in American politics and governance. For example, pro-Bitcoin election candidates have often embraced crypto donations before the NRCC’s move. And many use crypto as one of the key agendas of their campaigns.

Andrew Yang, The democratic candidate, running for the office of New York City Mayor, has expressed his willingness to turn the city into a hub for Bitcoin (BTC) and other cryptocurrencies. Meanwhile, the Miami mayor’s intentions in establishing a Bitcoin hub has also been translated into a political move to win over the hearts of crypto enthusiasts.

Mastercard Enhances Crypto Wallet and Exchange Business

Payment giant Mastercard announced Tuesday to enhance its function and experience for cryptocurrency wallets and exchanges to their clients. The card issuer cooperates with multiple crypto enterprises to make conversion of crypto and traditional fiat money easier.

In a statement, Mastercard reveals its ambition of enhancement to the existing crypto card program with multiple partners. The card issuer considers Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, Uphold and BitPay to provide real-time crypto wallet technology, i2c Inc., Apto Payments and Galileo Financial Technologies to support processing and program management.

Meanwhile, Paxos and Circle will use their platforms to convert crypto to fiat through fiat-backed stablecoins, a class of cryptocurrency that offers price stability and is backed by reserve assets.

Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard, welcomed the partnership and said:

“Not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency and we’re making it easier…Mastercard expects to deliver on our the promise of consumer choice to provide options to people around the world on how and when to pay,”

This is “a critical step in expanding the ecosystem and safely, securely and compliantly setting the stage for the future of crypto payments,” the statement added.

Mastercard understands the growing demand for digital payment from its customers. More than 93% of clients considered adopting innovative payment methods, such as biometrics, digital currencies, and QR codes. Therefore, the payment platform has announced in February to support direct crypto payments by allowing cardholders to transact crypto on its network this year directly.

Meanwhile, Visa, one of the major competitors to Mastercard, their visa cardholders has spent more than $1 billion worth of crypto in the first six months this year by consumers globally. Recently, Visa expanded its business in Australia by approving an Australian startup CryptoSpend to issue debit cards for its customers to consume through cryptocurrencies.

Nium Pairs with Bitpay to Launch API-based Solution, Enhancing Crypto Payments for Business

Payments platform Nium has launched an API-based solution called “Crypto Accept”, which aims to provide crypto payments to businesses worldwide.

The company said that Crypto Accept currently supports (BTC) and Ethereum (ETH) cryptocurrencies for payment and will launch more cryptocurrencies in 2023.

Nium is a fintech company that develops a global platform for business payment needs. It is also a payments platform redefining the way consumers and businesses of spending and receives funds across borders. Its goal is to make the movement of money seamless by being a universal plug for financial services.

Joaquin Ayuso de Paul, Senior Vice President and Head of Nium Crypto, said that:

“Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online, Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options.”

Merchants or businesses can make crypto payments through Crypto Accept with zero price volatility or risk. And settle into the business’s bank account the next business day in US dollars or other major fiat currencies.

Nium said the partnership with BitPay will provide thousands of merchants with a fast, secure and straightforward way to embed crypto payments into their online businesses.

Consumers can use a crypto wallet and scan a quick response (QR) code to complete the transaction.

BitPay, a US-based bitcoin payment service provider, allows buyers to make purchases using cryptocurrencies, such as Bitcoin, Ripple, Ether, and Bitcoin Cash and dollar-pegged stablecoins like USD Coin (USDC).

Equinox Group to Start Accepting Crypto Payments

Equinox Group, one of the most popular luxury health and fitness clubs in the United States, is now permitting its members to pay for their membership subscriptions in cryptocurrencies.

While ranking as the very first gym centre to accept Bitcoin, it is not the first luxury brand to lend support to the nascent asset class in North America.

Equinox Group has partnered with crypto payments service provider, BitPay for the service, and per the new push, crypto owners can largely take advantage of the new payment model through the digital assets that BitPay is supporting.

“More than ever, consumers are making luxury purchases through cryptocurrency, and offering cryptocurrency as a form of payment enables Equinox to continue to meet their community where they are,” the company said in a statement.

It is not uncommon to find businesses now accepting Bitcoin and stablecoins as a means of payment as the demand for these digital currencies is going mainstream. More than ever, a higher number of individuals now hold crypto, and many are exploring avenues to spend their digital assets.

By permitting users to pay in cryptocurrencies, Equinox Group will be setting a precedent that may be emulated by a number of other players in the fitness industry. Equinox has as many as 35 clubs in New York City, with over 100 scattered across the country. Subscriptions on a monthly basis can be as high as $250.

Luxury auto brand Tesla Inc also supports Bitcoin as payment for its electric vehicles. While the company, under the leadership of Elon Musk has halted this service citing the coin’s environmental unfriendliness, Tesla has shone its radar on Dogecoin (DOGE) which it accepts as a means of payment for Tesla merchandise.

While companies are notably adopting crypto payments, a select number are backtracking on their decisions to accept cryptocurrencies with Wikipedia being the latest of these firms.

Accounting Firm Wolf & Company Pairs with Bitpay to Accept Crypto Payments

Leading regional CPA firm providing insightful financial accounting and audit services Wolf & Company partners with cryptocurrency payment processor BitPay to accept cryptocurrency payments.

In its official announcement, the company stated that it will now accept payments in various digital assets, including Bitcoin ($BTC), Wrapped Bitcoin (WBTC) Ethereum ($ETH), Litecoin ($LTC), Ripple (XRP) popular meme coins, Shiba Inu ($SHIB) and Dogecoin ($DOGE) and several other USD-pegged stablecoins including Gemini Dollar (GUSD), Pax Dollar (USDP), Binance Dollar (BUSD).

The company officially writes: “As a firm that embraces digital innovation, our team is already working on the cutting edge of cryptocurrency services. By partnering with BitPay to accept crypto payments, we’re truly embracing crypto and its growing role in the economy.”

Wolf & Company is an accounting company specializing in audit, tax, IT audit, and consulting services.

This accounting firm has been around for over 110 years. They deliver assurance, tax, risk management and business consulting services.

Last month, Payments platform Nium launched an API-based solution called “Crypto Accept”, which aims to provide crypto payments to businesses worldwide.

The company said that Crypto Accept currently supports (BTC) and Ethereum (ETH) cryptocurrencies for payment and will launch more cryptocurrencies in 2023.

BigCommerce Partners with BitPay & Coinpayments to Enable Crypto Payments for Merchants

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BigCommerce on Thursday announced a strategic partnership with cryptocurrency providers BitPay and CoinPayments to deliver crypto payment solutions to BigCommerce merchants in select countries.

With BitPay and CoinPayments, a NASDAQ-listed e-commerce platform can accept a variety of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Shiba Inu, Wrapped Bitcoin, Litecoin, XRP, and five US dollar-pegged stablecoins such as Binance USD (BUSD), Dai stablecoin (DAI), Gemini dollar (GUSD), USD Coin (USDC), and Pax Dollar (USDP).

By expanding its crypto ecosystem, BigCommerce opens up opportunities for its merchants to offer more payment options, widen its market share, tap into a new customer base, and accelerate international growth through innovation.

Marc Ostryniec, Chief Sales Officer at BigCommerce, talked about the development: “Expanding our crypto ecosystem to include trusted best-of-breed partners is just one step towards driving innovation and growth for our merchants. A new era of consumers are passionate about transacting using crypto, and we’re helping them do it.”

Helping Retailers Navigate a Changing Payment Landscape

E-commerce platforms accepting cryptocurrency are steadily increasing, a piece of evidence which shows that the crypto market is continuing to grow. The use of cryptos for online shopping has shown parallel expansion.

BigCommerce has joined a number of other e-commerce platforms that have been adding crypto payment capabilities over the past few years.

In May this year, Shopify expanded crypto payment options through a partnership with Crypto.com so its merchants can accept cryptocurrency payments from customers through Crypto.com Pay.

Last month, a Shopify Competitor called Launch Cart enabled its merchants to accept Bitcoin payments using OpenNode and the Lighting Network.

With the growth of global acceptance of cryptocurrency, many online merchants have adopted crypto payments to remain in the trend.