BTC.com has . announced its wallet will enable Bitcoin Improvement Proposal 70 (BIP-70) for payment transactions, which is especially helpful between customers and merchants, becoming an industry standard of sorts. The wallet has more than one million users, and with BIP-70 they will be able to buy products from popular processing platform Bitpay, which has a $1 billion merchant market.
BTC.com Wallet Users Can Now Be Connected to Bitpay Merchants
BIP-70 is a favorite of merchants because it provides for secure end-to-end communication to customers all over the world. Payments are routed and confirmed onchain. And with BTC.com users now able to safely store their private keys on its multi-sig wallet, they retain control over their coins, and have a choice of more goods and services than ever.
Sean Rolland, Director of Product at Bitpay, explained, “We appreciate BTC.com’s support for BIP-70 as Bitpay works to make Bitcoin commerce payments easier and even more secure. With BIP-70, we have seen a drop from an 8%+ payment error rate (in dollars) to a 0.27% error rate. It’s this ability to ensure correct payments using BIP-70 helps the entire industry to grow.”
Since 2015, BTC.com claims to have processed more than $5B worth of bitcoin cash (BCH) and bitcoin core (BTC) on behalf of one million users. Bitpay’s merchants, which number in the hundreds of thousands, only accept BIP-70 wallets.
It’s All About Commerce
BTC.com’s VP of Business Operations, Alejandro de la Torre, detailed, “We’re always striving for new methods and partnerships to expand the use of BTC and BCH as a currency and integrating with Bitpay is an important step towards transacting with retailers and merchants.