BitPay’s process for adding new cryptocurrencies

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Right now, BitPay supports Bitcoin, Bitcoin Cash, XRP and ETH, as well as four dollar-pegged stablecoins, USDC, GUSD, PAX and BUSD. So, which cryptocurrency could be next? And how does BitPay make that decision?

Our standard is that new cryptocurrencies must support, create and maintain customer value in the operation of our product and services.  This in turn supports BitPay’s mission – to be the largest and most trusted global blockchain payment processor.

We understand that each cryptocurrency is unique and may offer special attributes or capabilities.  We routinely review new cryptos to determine which ones will work best as a payment option and offer secure storage in the BitPay Wallet App.  Here are a few of the key attributes we look for when we consider adding a new digital asset to our products and services:

Use as a Payment Method
Not all cryptocurrencies are well-suited as a form of payment. We start by evaluating how it is used, how and where it can be exchanged, market depth, and total market cap. Our experience tells us that cryptocurrencies that are readily accessible and exchangeable on most of the major exchanges deliver an effective payment method. Cryptocurrencies with a market cap of at least $1 Billion also tend to perform better as a payment method.

Ability to Scale Globally
Cryptocurrency payments are global, so each new cryptocurrency we consider should have the ability to scale and work globally.  We are not interested in low volume, geography-specific or exchange-specific digital assets that offer limited scalability or global appeal.

Technical Specs
We review the technical specifications of any cryptocurrency we are considering. Specifically, we look at how well the digital asset functions technically as a payment method for ecommerce, cross border, and p2p transactions, and the quality of the technical documentation. We also measure how well it performs related to payment speed, processing, settlement, over/under payments, and partial payments.

Regulatory Compliance
BitPay is a “money services business” regulated in the United States and subject to certain international regulations as well.  We have a comprehensive anti-money laundering, anti-terrorist financing, and OFAC sanctions compliance program as required by the Bank Secrecy Act, the USA Patriot Act, the Office of Foreign Assets Control, and the many U.S. states where BitPay holds money transmitter licenses.

Our transaction monitoring program utilizes a risk-based approach, taking into account factors and flags that are appropriate to our business.  We only support cryptocurrencies that are traceable using our monitoring tools and that are compatible with our monitoring controls.

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