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HOW BITPAY MAKES IT EASIER TO SPEND CRYPTO IN THE REAL WORLD

How BitPay Makes it Easier to Spend Crypto in the Real World

12 de fevereiro de 2024

With merchant acceptance of digital currencies such as Bitcoin still quite rare, holders of such currency who wish to make purchases and pay bills often must undertake a multi-step process of first converting cryptocurrency into fiat, then transferring fiat funds to a bank account or other spending tool before they can be used to make transactions. 

Digital currency payments processor BitPay aims to solve that pain point, simplifying and streamlining the process of turning digital currency into money that can be spent in the real world. The company’s mobile app enables users to buy, store and spend digital currency in an e-wallet, and trade digital currency in an e-wallet, and subsequently spend those funds in several ways–including via a prepaid debit card usable anywhere Mastercard is accepted. 

Galileo recently spoke with BitPay Chief Operating Officer Jim Lester about how the company is helping holders of digital currency overcome the fundamental challenge of utility by giving them the freedom and flexibility to use crypto as a means of payment and value transfer on an everyday basis in both the digital and non-digital worlds.

Mission: “Our mission is to provide a better form of money,” said Lester. “We believe that consumers want expediency and speed in the usage of their currencies, and that cryptocurrencies such as Bitcoin and others allow them to have that ability. We provide them the capability to use those cryptocurrencies and shop across a global merchant retail base.”

Founding: Launched in 2011 to help merchants process payments in digital denominations, BitPay has seen the meteoric rise of Bitcoin and other cryptocurrencies–widely considered to be one of the most potentially transformative developments in the recent history of the payments industry. 

“We’ve been around for almost 13 years now. We've seen a lot over that time frame,” Lester observed. “Staying close to our customer base, being adaptive to new cryptocurrencies, and providing [effective] solutions have helped us remain resilient.”

What Galileo Does for Them: Galileo provides payment processing for the BitPay Card, which enables users to instantly convert cryptocurrency into fiat currency that is then loaded onto the card and can be spent anywhere Mastercard debit is accepted around the world. Customers can also use their cards online for purchases and to withdraw cash from ATMs. 

Galileo’s API-based platform provides support for key functionalities including authorization, dispute resolution and fraud identification

“It’s been a great relationship, and we look forward to continuing to work with Galileo as an innovative company in the cryptocurrency space”
Jim Lester
COO at BitPay

Impact: “Our customer base varies, from those who have held crypto assets for a long time to new or novice market entrants,” Lester noted. The opportunity for financial innovation on the blockchain is significant… and stablecoins and other emerging technologies hold promise for providing more financial freedom, especially for underbanked or unbanked communities.”

Disclosure: BitPay is a current customer of Galileo, they have not been compensated to appear in Galileo marketing. Neither should this be deemed as a solicitation for any BitPay products or services.

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