JAKARTA Cryptocurrency payment service company Bitpay announced that it is providing support for the Polygon (MATIC) cryptocurrency. That way, Bitpay users can not only save and trade MATIC, but will also be able to pay for groceries using MATIC.
One of the first companies to accept MATIC crypto payments was Panini America, a US sports collection trading company. Bitpay announced on Wednesday, October 26, that crypto payment processing companies now support Polygon (MATIC) protocols.
Polygon is an Ethereum layer two (L2) scaling network based on the proof of stake (PoS) model launched in October 2017. In addition to supporting Polygon's original crypto asset, MATIC, users of the Bitpay app will be able to store, exchange and spend ERC20 tokens associated with the Polygon protocol.
Bitpay's decision to add polygons (MATICs) follows a company that added apecoin (APE) and euro coin (EUROC) support in August, and added Lightning Network support in April. In addition to the aforementioned cryptocurrencies, Bitpay also received 15 crypto assets and stablecoins.
During Wednesday's announcement, Bitpay said that the first trader to receive MATIC payments was a Panini America collection company to support a "new digital payment option." Polygon users can pay MATIC for the company stickers and Panini's NFT card collection.
When adding new coins to traders, we saw many factors, but among the most important is the utility of payment and community involvement. The Polygon network encourages mass adoption by enabling blockchain networks to connect and scale to support new and existing users, said Bitpay CEO Stephen Pair, in a statement on Wednesday.
"Adding MATIC to Bitpay-backed crypto ranks offers a fast, secure and secure alternative business for traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds," added Pair, quoted by Bitcoin.com News.
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