BitPay announces WalletConnect integration into its Wallet app
By Pavithra R
WalletConnect is an open-source protocol for connecting decentralized applications (DApps) to mobile wallets with QR code scanning or deep linking. A user can interact securely with any Dapp from their mobile phone, making WalletConnect wallets a safer choice than desktop or browser extension wallets. It uses end-to-end encryption to allow users to interact securely with any DApp from a smartphone. WalletConnect connects web applications to supported mobile wallets.
Through the integration, BitPay Wallet app users will have direct access to the decentralized exchange, decentralized games, and all that the rapidly evolving $15 bn Decentralized Finance (DeFi) space has to offer. BitPay Wallet app users can leverage WalletConnect to send and receive Ethereum tokens DAI and WBTC.
DAI is the only decentralized dollar-pegged token that is accessible anywhere in the world. Its market capitalization is third among stablecoins, and it has a daily trading volume of more than half a billion dollars. Payment processing support for DAI and WBTC is expected this quarter. WBTC is a new innovation that brings BTC to the Ethereum enabling blockchain traders, institutions, and DApps to bridge the Ethereum network while maintaining exposure to Bitcoin. Its price is pegged to the price of Bitcoin, with added benefits of being usable in Ethereum’s rapidly growing DeFi space.
“As the use of DeFi protocols and DApps continues to gain steam, we wanted to offer BitPay users a safe, secure way to interact with them. The WalletConnect integration gives BitPay users a place where they can both store their assets as well as participate in the growing DeFi space,” said BitPay CEO and Co-founder Stephen Pair.
Founded in 2011, BitPay builds powerful, enterprise-grade tools for crypto acceptance and spending. The FinTech is developing blockchain payment technology to transform how businesses and people send, receive, and store money around the world. BitPay also supports Bitcoin, Bitcoin Cash, and Ether and four dollar-pegged stablecoins, USDC, GUSD, PAX and BUSD.
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