Following the upgrade, consumers will be able to buy, store, swap and spend MATIC within the BitPay app, and BitPay app holders will be able to spend other ERC-20 tokens such as USDC, DAI, ETH and WBTC on the Polygon Network.
One of the first merchants to provide its customers with the new MATIC payment option is Panini America. Panini specialises in officially licensed collectables and is a publisher of collectables in the US with official licenses for NFL, NBA, MLBPA, NHLPA, College, FIFA, MLBPA, Disney, and other properties from other licensors.
Officials from Panini have expressed in the company press release that they were looking forward to adding another coin to the Panini Wallet, particularly one with such good ties with the NFT market. The same officials highlighted that some of the main reasons why they chose to work with BitPay were to continue to develop the Panini NFT platform, and to give their collectors greater payment flexibility and options.
BitPay officials revealed that the most important factors when adding a new coin for merchants to accept are payment utility and community involvement. Adding MATIC to the portfolio of cryptocurrencies supported by BitPay aims to provide businesses with a safe and secure alternative to traditional payment methods.
According to cointelegraph.com, Polygon is a stack of protocols designed to address Ethereum’s scalability issues. The Polygon network addresses these challenges by handling transactions on a separate Ethereum-compatible blockchain. Polygon then returns transactions to the main Ethereum blockchain post-processing. This process helps lower the network load on Ethereum while speeding up transactions and minimising their cost.
The difference between Polygon and MATIC is that Polygon encompasses multiple projects, the Matic network included. The Polygon (MATIC) token represents Polygon’s native cryptocurrency. MATIC is used for blockchain governance, paying transaction fees, and participating in decentralized apps (dapps).
In October 2022, US-based cryptocurrency tax management platform ZenLedger has started accepting cryptocurrency payments for its services using BitPay. By adding cryptocurrency to its payment options ZenLedger reduces transaction fees while increasing payment transparency and efficiency.
In the same month, payment orchestration platform BlueSnap has announced a partnership with BitPay in order to offer crypto payments to its clients. The product partnership aims to provide businesses with the ability to accept and get paid out in 15 different cryptocurrencies and seven fiat currencies globally. The collaboration also supports BlueSnap’s mission to help businesses across the globe increase their revenue and reduce costs.
According to the press release, the addition of cryptocurrency acceptance and payout will help BlueSnap’s customers conduct business with stakeholders around the world in a more seamless manner.
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