“Bitpay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world,” explained Stephen Pair, co-founder and CEO of Bitpay during the announcement.
Pair also adds that stablecoins give merchants more options and a new alternative to settling in BTC and BCH. The Bitpay founder also details that stablecoins give individuals and organizations the ability to transact more fluidly with a “non-volatile settlement solution that does not rely on traditional bank wires.”
“Customers can skip costly, complicated cross-border wire transfers and receive or send international payments with Bitpay with accuracy, reduced fraud risk and quick bank settlement,” the payment processing firm emphasized.
The company also believes that global areas such as South America, Africa, and the Asia Pacific region would benefit significantly from the use of stablecoins. Using Bitpay’s services, traditional fiat bank settlement is initiated the next business day and it can then entail another 24 hours until the final settlement. Stablecoins, BCH, and BTC settle in a much quicker fashion and US dollar-equivalent digital currency prices tend to be far less volatile than regular decentralized assets.
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