Many cryptocurrency enthusiasts view Ripple’s XRP asset as an odd duck in the pond. While it is not designed to be used like Bitcoin or Litecoin, it is a payment tool regardless.
Even BitPay seems to be thinking along the lines. A few days ago, the popular Bitcoin payment processor confirmed how it had integrated Ripple’s asset.
BitPay Supports XRP now
Big was many people’s surprise following this sudden announcement. Most people associate BitPay with processing Bitcoin and Bitcoin Cash payments. Over time, stablecoins were also added to this list, as did Ethereum. Anything other than that seemed to be a bridge too far.
That is no longer the case, as it has seemingly taken a liking to Ripple’s native asset. Supporting XRP is a remarkable decision. Any BitPay invoice to be generated can be paid for with this asset moving forward.
According to the company, the addition of XRP makes perfect sense. BitPay deems it to be a “digital asset designed for global payments”. There is certainly an argument to be made there. In terms of potential global reach, Ripple’s asset appears to be ahead of most cryptocurrencies on the market today.
Several users of BitPay’s services are already expressing their excitement. eGifter is one of the first companies to officially embrace this new payment option. That is remarkable, as buying gift cards with one’s crypto or asset holdings is one of the premier use cases.
The integration of XRP doesn’t come as a complete surprise either. In 2019, BitPay has hinted at how powerful this asset tends to be. Especially in terms of cross-border payments, Ripple has been making a lot of inroads. As such, it is logical to extend this concept to global cryptocurrency payments.
Over time, it will become apparent how popular XRP’s addition will prove to be. Competing with the other assets supported by the payment processor will not be easy. Sustaining growth after the initial excitement tapers off will be a core challenge.