BitPay, a major cryptocurrency company, is expanding its network of supported blockchain networks and is preparing to launch payments in ERC-20 tokens via the Polygon network.
Polygon and BitPay announced on Oct. 26 that Polygon had integrated Polygon into the BitPay app. Customers can now spend Polygon-bridged ERC-20 tokens.
BitPay will soon be able to accept payments in tokens such as the Polygon-based USDCoin ( USDC ) later in the week. USDC developer Circle launched the USDC stablecoin in Ethereum on June 20, 2018. It was then transferred to Polygon via Polygon Bridge.
Polygon USDC isn’t the only Polygon-bridged token that will be coming to BitPay. Bill Zielke, BitPay’s chief market officer, stated to Cointelegraph that all ERC-20 coins supported by BitPay will be available for swaps on Polygon.
There are currently four Polygon-supported tokens available on BitPay: Polygon USDC ( ETH), Polygon Dai( DAI), and Polygon Wrapped Bitcoins (WBTC).
Zielke stated that BitPay is constantly looking for new coins, and ERC-20 in particular, and added that BitPay has “few large coins” planned.
BitPay merchants can now accept Polygon payments via major Polygon wallets. Panini America, an American sports and entertainment company that collects sports and entertainment items, will be the first to adopt the digital payment option.
Stephen Pair, BitPay CEO, said that when merchants accept a new currency, they look at many factors. However, the most important of these is its payment utility, and community involvement.
“Adding MATIC to BitPay’s mix of cryptos gives businesses an alternative to traditional payment methods. It opens the door for blockchain payments that will disrupt the way businesses and consumers receive and spend money.”
In terms of adoption, Polygon-bridged stablecoins have been much more popular than native blockchains. According to data from DefiLama, the market capitalization for Polygon-based USDC is approximately $940 million or about 2% of the 43.9 million USDC in circulation as of the writing. Polygon Dai accounts for 2.3% of total Dai market capital. It is worth $130.5 million.
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The native token of Polygon, MATIC ( MATIC) has experienced some growth as major financial institutions begin to recognize the potential benefits from adopting Polygon’s technology. Mid-October saw the launch of Nucoin token on Polygon blockchain by Nubank , a Warren Buffett-backed fintech company.