Bitcoin

Bitcoin Daily: BitPay Announces Stablecoin Payment Support, Amun Allowed To Provide Crypto-ETPs

Bitcoin Daily: BitPay Announces Stablecoin Payment Support, Amun Allowed To Provide Crypto-ETPs

Blockchain payment service company Bitpay announced Tuesday (Dec. 10) the introduction of stablecoin payments for both users and merchants, according to a release

The company will allow the use of three stablecoins: Circle’s USD Coin (USDC), the Gemini Dollar (GUSD) and Paxos Standard Token (PAX).

With the three tokens, users will not only be able to pay businesses like Microsoft or Avnet, but they’ll also be able to pay family, friends or individuals. 

The transfers will be spendable as soon as they are received, and it will get rid of the delays associated with general bank transfers or wires.

GUSD, USDC, and PAX have become more and more common because they are both a cryptocurrency and also tied to the U.S. dollar. 

“Accepting or paying with stablecoins opens up new possibilities for global businesses that require the stability of the dollar but the security and efficiency of blockchain payments,” said Stephen Pair, BitPay’s CEO, and co-founder. “Businesses can invoice international customers without the need for costly, complicated cross-border wire transfers. Customers can send and receive payments using fast, efficient, and volatility free dollar-pegged stablecoins.”

In other Bitcoin news, Amun, a Swiss startup, recently got approval from the Swedish Financial Supervisory Authority (SFSA) to provide a larger array of crypto-based products in the EU, according to published reports Tuesday.

This means that EU retailers with an ability to access the Swiss SIX and Boerse Stuttgart exchanges can now trade crypto-related exchange-traded products (ETPs) being offered by Amun.

“Our mission is clear and that is to help investors more safely, cost-effectively and easily invest in crypto asset classes through our crypto ETPs,” said Amun’s President Ophelia Snyder in a statement. “We are very fortunate to have finished this process within 4 months of its consultancy period.”

The regulatory stamp by Sweden means that Amun now has access to a larger portion of the retail market in Europe.

“[The approval] gives us wide access to sell directly and market directly to basically all retail in Europe,” Amun CEO Hany Rashwan said to Coindesk.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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