Today we’re happy to announce another advancement towards stablecoin adoption and furthering the crypto payment landscape. BitPay, the largest global blockchain payments provider, will now make Gemini dollars (GUSD) available to spend through BitPay’s Business Billing solution.
Since 2011, BitPay has enabled businesses globally to accept bitcoin and other crypto while settling in their preferred currency. Their solution opens the doors for broader business to business (B2B) acceptance of stablecoin payments.
Earlier this year, Gemini partnered with Flexa, a crypto payments network, to drive adoption and day-to-day utility of cryptocurrency. Flexa, via their app called SPEDN, enables users to natively spend their crypto, including the Gemini dollar, in stores at major merchants in the U.S. and Canada such as Nordstrom, Bed Bath & Beyond, Petco, and GameStop among others.
The combination of crypto payment acceptance and a U.S. dollar-backed stablecoin is powerful. Merchants benefit from faster, cheaper, and fraud resistant payment settlement and consumers benefit from the price stability and creditworthiness of U.S. dollars strengthened by the advantages of regulated, borderless, digital transfer of value.
Natively spending Gemini dollars removes many of the challenges of crypto payments such as price volatility and tax confusion. It also mitigates traditional payment woes such as chargeback risks, long settlement timelines, expensive payment processing, and process opacity.
We strive to move the cryptocurrency industry forward while building a bridge to the future of money and are excited that Bitpay has joined the Gemini dollar ecosystem to provide volatility-free payment options for global enterprises.
Onward and Upward,
Alessandra Shultz, Corporate Development