To accelerate the growth of cryptocurrencies into the global economy, the largest crypto provider BitPay has joined hands with the California based digital currency exchange Coinbase. Both in collaboration has launched a new crypto service that will enable the BitPay users to directly spend their crypto from their Coinbase account to any Bitpay enabled merchants across the globe without paying any fees.
However, this new service is only applicable for transactions under $1000. It eliminates the need for peer-to-peer transfers thereby giving the liberty to the users to spend Bitcoin (BTC), Bitcoin Cash (BCH), XRP, Ethereum (ETH), USD Coin (USDC), etc directly from their Bitpay Wallet apps. In this way, BitPay will be able to leverage the popularity of the already established stablecoin like the USDC.
The integration of BitPay’s blockchain security features and Coinbase’s network together will accelerate the global transition of cryptocurrencies rapidly. Even for stablecoins, the transactions are first verified by the network and then recorded on the public ledger thereby eliminating the payment risks related to credit card transfers.
Moreover, with the BitPay wallet, both the private keys of the wallet and funds remain under full control of the users, and therefore, unless a user shares his private keys to others, his funds are absolutely safe. Also, the BitPay wallet uses a code that is 100% open for auditing and community testing.