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XRP Gains Worldwide Adoption as BitPay Declares Global Backing

Wed, 08/16/2023 - 13:51
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Gamza Khanzadaev
Leading crypto payments service declares worldwide support for XRP token
XRP Gains Worldwide Adoption as BitPay Declares Global Backing
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Leading crypto payment provider BitPay has announced its full-fledged global support for XRP, marking a significant milestone in the widespread adoption of this digital asset. Users of BitPay's services across the globe can seamlessly utilize XRP for purchasing goods and services, as well as storing and swapping the cryptocurrency.

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In its latest statement, BitPay's official X account revealed the extensive reach of this development, allowing millions of BitPay users worldwide to harness the potential of XRP within its ecosystem. This move is set to take the landscape of digital payments further, offering individuals and merchants a versatile and efficient method of transacting.

The declaration comes in the wake of the conclusive legal outcome between Ripple and the SEC, where XRP's classification as a nonsecurity was formalized. This legal clarity has catalyzed the momentum behind XRP's integration into mainstream commerce, spurring its adoption as a preferred payment option for various global merchants collaborating with BitPay.

Currently, an impressive roster of 30 merchants has aligned with BitPay to accept XRP. This ensemble includes prominent names such as AMC Theatres, Hublot, PacSun, CryptoTurismo and even esteemed German precious metals dealer Auragentum.

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It is important to note that XRP holders can utilize any wallet compatible with the cryptocurrency to engage in transactions through BitPay. However, the service advises users to opt for established XRP wallets to ensure an optimal payment experience. Smaller niche wallets may be susceptible to payment errors, potentially hampering the smooth flow of transactions.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.