BitPay Introduces Support for Polygon (MATIC) Payments.
Merchants can now accept MATIC payments from customers using the BitPay gateway.
BitPay remains one of the most dominant Bitcoin and cryptocurrency payment processors available. Over the years, the payment solution expanded its cryptocurrency offering, giving customers and merchants a wide array of digital asset options.
Amidst its expansion moves, BitPay has recently introduced support for Polygon (MATIC) and other ERC-20 tokens hosted on the Polygon network. Polygon disclosed the exciting development in an official blog post on Wednesday.
Per the announcement, the support for MATIC will begin this week. Accordingly, customers will get the opportunity to make MATIC payments to merchants leveraging BitPay’s payment processing solution when the support materializes.
Additionally, BitPay users will also be able to make in-app transactions like swapping, buying, selling, spending, and storing in MATIC and other ERC-20 assets hosted on the Polygon network, including Binance USD (BUSD), USD Circle (USDC), Dai (DAI), and Wrapped BTC (WBTC).
This integration of MATIC payments is likely to bring greater exposure to the Polygon network’s native token and, by extension, the Polygon blockchain itself, as users will get an opportunity to make payments with the token on several BitPay merchants.
Information from the official blog post suggests that the Texas-based collectibles marketplace Panini America is one of the first merchants to support MATIC payments through BitPay officially.
Polygon prides itself in its promise of low fees and higher throughput as it looks to assist the Ethereum blockchain with its scalability challenges. Due to its consistency in delivering on its promise and the massive adoption rate, this BitPay integration has been long overdue.
“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,” Sandeep Nailwal, co-founder of Polygon, noted. He further highlighted the significance of the development.
Polygon has already positioned itself as one of the most sought-after blockchain solutions for institutions. Two weeks back, The Crypto Basichighlighted the blockchain solution’s increasing dominance in the cryptocurrency space, as top companies, including but not limited to Disney, Starbucks, Adobe and DraftKings have chosen the network as their preferred blockchain partner in the past months.