Blockchain payments provider BitPay will add support for XRP, the world’s third-largest cryptocurrency by market capitalization, by the end of this year.
Revealing the news exclusively to The Block on Wednesday, BitPay said it has partnered with Ripple’s Xpring unit to integrate XRP on its platform so that businesses and merchants can accept the cryptocurrency.
“XRP can offer a payment option that is fast, cost-effective and scalable,” said Sean Rolland, director of product at BitPay.
With the partnership, BitPay’s wallet users, as well as its prepaid cardholders, will also be able to store and spend XRP via its merchants and businesses.
Just last month, BitPay added support for ether (ETH) cryptocurrency. The firm also supports payments in bitcoin (BTC) and bitcoin cash (BCH), as well as three stablecoins - Circle and Coinbase-led USD Coin (USDC), Gemini Dollar (GUSD), and Paxos Standard Token (PAX).
BitPay processed over $1 billion in payments last year from global merchants including Microsoft, Dish Networks, FanDuel and Avnet. “BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world,” Stephen Pair, co-founder and CEO of BitPay, said at the time.