BitPay, a major cryptocurrency firm has made an announcement about the enhancement of its scope. The firm wants to target more projects that are present and supported by blockchain networks.
BitPay Announcements Two New Payment Methods
The latest reports suggest that BitPay is eager to expand its network in the blockchain sector. The platform wants to do it by offering multiple payment methods.
The officials have confirmed that they would launch the new payment methods through the Polygon Network. These payments would be in the form of ERC-20 tokens.
Announcement Made on October 26
BitPay announced on October 26 that it had formed a partnership with Polygon. The firm announced that following their partnership, the users would realize changes taking place with the BitPay application.
Their partnership with Polygon would allow BitPay to offer multiple options and new features to the users. One of the major benefits would be the ability of the customer to use the ERC-20 tokens through the app.
The particular ERC-20 tokens the users would be able to use would be bridged with the Polygon network.
Users to Make Payments Using USDC
BitPay has announced that by the end of the running week, users would be able to make payments using the USD Coin (USDC).
In the past, Circle has only let the networks based on the Ethereum network offer such services to new projects. Circle is the firm responsible for the issuance of USD Coins.
This is the first time Circle has extended its jurisdiction outside of the Ethereum jurisdiction, launching it through the Polygon network on a large scale.
The first time Polygon was able to gain access to USDC was back in June 2022 when it formed the Polygon Bridge.
There is more from BitPay
BitPay officials have confirmed that USDC is not the only token that the application is getting through Polygon Bridge.
Bill Zielke, the chief marketing officer has announced that they are planning to bring more than just USDC to the BitPay users.
Zielke stated that the users would be able to gain access to any ERC-20 coins that are supported and are available through BitPay. All such coins would be added automatically be added to the network.
This way, the users would be able to interact with the Polygon network for swaps.
Support List for Tokens on BitPay
BitPay officials have also shared the list of the tokens that would be available on BitPay and would be supported by Polygon.
These tokens include Polygon Wrapped Bitcoin (WBTC), Polygon Dai, Polygon Ether, and Polygon USDC. Over time, BitPay plans to add more tokens to the list and make things more convenient for the users.