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BitPay to introduce USDC and ETH payments on Polygon

By becoming ready to accept payments in ERC-20 tokens on the Polygon network, major cryptocurrency company BitPay is extending the range of blockchain networks it supports, as reported by Cointelegraph.

According to Cointelegraph, the integration of Polygon on the BitPay app, which enables users to spend Polygon-bridged ERC-20 tokens, was jointly announced on October 26 by BitPay and Polygon. 

In particular, the BitPay app is getting ready to allow payments in tokens like the USD Coin based on Polygon later this week. The USDC stablecoin was first introduced by USDC developer Circle on the Ethereum blockchain, and it was transferred to Polygon in June 2022 through the Polygon Bridge.

According to Bill Zielke, chief marketing officer of BitPay, any ERC-20 tokens that BitPay now supports will be available for swaps on the Polygon network by default, Cointelegraph informed.

BitPay merchants will now be able to accept Polygon payments from popular Polygon wallets thanks to the new functionality. The first retailer to accept the new digital payment method is Panini America, a significant sports and entertainment collectibles corporation with headquarters in the United States.

Recently, Polygon’s native token MATIC has grown noticeably as big financial institutions have started to recognise the potential advantages of utilising Polygon’s technology. The launch of the Nucoin token on the Polygon blockchain was announced by Warren Buffett-backed fintech company Nubank in the middle of October.

(With insights from Cointelegraph)

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