BitPay Embraces DeFi with WalletConnect Integration
DeFi Digital Assets DAI and WBTC Tokens Added to the BitPay Wallet App
BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, announced the integration of WalletConnect into the BitPay Wallet app. BitPay Wallet app users have direct access to the decentralized exchange, decentralized games, and all that the rapidly evolving $15 billion Decentralized Finance (DeFi) space has to offer.
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BitPay Wallet app users can send or receive Ethereum tokens DAI and WBTC utilizing WalletConnect. Payment processing support for DAI and WBTC is expected this quarter. WalletConnect is an open-source protocol for connecting decentralized applications (DApps) to mobile wallets by scanning a QR code. It uses end-to-end encryption to allow users to interact securely with any DApp from a smartphone.
BitPay CEO and Co-founder Stephen Pair said, “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.”
DAI, the only decentralized dollar-pegged token, is accessible anywhere in the world. DAI’s market capitalization is third among stablecoins, and it has a daily trading volume of more than half a billion dollars.
WBTC is a new innovation that effectively brings BTC to the Ethereum enabling blockchain traders, institutions, and DApps a bridge to the Ethereum network while maintaining exposure to Bitcoin. Its price is pegged to the price of Bitcoin, with the additional benefit of being usable in Ethereum’s rapidly growing DeFi space.