Crypto Payments Firm Bitpay Adds MATIC Support, Panini America To Accept Polygon Payments

Bitcoin and crypto payment services provider Bitpay has announced that the company now supports the Polygon (MATIC) network. According to the firm, Bitpay app users will be able to store, trade, and spend MATIC later this week, and the collectibles company Panini America will be Bitpay’s first merchant to accept MATIC payments.

Bitpay Reveals Polygon MATIC Support

Bitpay announced on Wednesday that the crypto payments processing company now supports the Polygon (MATIC) protocol. Polygon is a proof-of-stake (PoS) layer two (L2) Ethereum scaling network that launched in October 2017. In addition to supporting Polygon’s native crypto asset MATIC, Bitpay app users will be able to store, swap, and spend ERC20 tokens associated with the Polygon protocol.

Bitpay’s decision to add polygon (MATIC) follows the company adding apecoin (APE) and euro coin (EUROC) support in August, as well as adding Lightning Network support in April. During the announcement on Wednesday, Bitpay said that the first merchant to accept MATIC Payments will be the collectibles company Panini America in order to support the “new digital payment option.” Polygon users can pay with MATIC for the company’s sticker and trading card collectibles alongside Panini’s NFT marketplace.

”When adding a new coin for merchants to accept, we look at many factors, but among the most important is its payment utility and community involvement. The Polygon network encourages mass adoption by enabling blockchain networks to connect and scale to support new and existing users,” Bitpay’s CEO Stephen Pair said in a statement on Wednesday.

“Adding MATIC to the mix of cryptos that Bitpay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds,” Pair added. Bitpay further noted on Wednesday that in addition to MATIC, the crypto payments processor also supports 15 other crypto assets and stablecoins.