Bitcoin and crypto payment service provider Bitpay has announced that the company now supports the Polygon (MATIC) network. According to the company, users of the Bitpay app will be able to store, transact, and use MATIC later this week, and collectibles company Panini America will be Bitpay’s first merchant to accept MATIC payments.
Bitpay has revealed Polygon’s MATIC support.
Bitpay announced Wednesday that the crypto payment processor now supports the Polygon (MATIC) protocol. Polygonis a proof-of-stake (PoS) layer 2 (L2) ethereum scaling network launched in October 2017.In addition to supporting Polygon’s native crypto asset MATIC, users of the Bitpay app can also be able to store, swap, and consume ERC20 tokens associated with Polygon protocols.
24} Bitpay’s decision to add Polygon (MATIC)follows the company’s addition of support for Apecoin (APE) and Eurocoin (EUROC) in August and Lightning Network in April. In Wednesday’s announcement, Bitpay said the first merchant to accept MATIC Payments will be The Collectors Company, while Panini Americawill support “new digital payment options.” It said it will be the first merchant to accept Payments. Polygon users will be able to pay with MATIC for the company’s stickers and trading card collectibles alongside Panini’s NFT marketplace.
“When we add new coins that merchants accept, we look at many factors, but among the most important ones are the utility of the payment and community involvement. The Polygon Network encourages mass adoption by allowing the blockchain network to connect and scale to support new and existing users,” BitPay CEO Stephen Pair said in a statement Wednesday.
“Adding MATIC to the combination of crypto supported by Bitpay will provide businesses with a fast, safe and secure alternative to traditional payment methods, paving the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.” Pair added that Bitpay further noted on Wednesday that in addition to MATIC, the crypto payment processor supports 15 other crypto assets and stable coins.
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