Friday, February 3, 2023

BitPay Integrates ShapeShift API Allowing In-Wallet Exchanges

BitPay Integrates ShapeShift API Allowing In-Wallet Exchanges

Both Bitpay and Copay have added functionality that gives users the ability to exchange between Bitcoin and Bitcoin Cash right on their respective wallets — without ever having to leave them. BitPay has been taking steps to include full support of Bitcoin Cash on its platforms, with this being the most recent.

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Integrating ShapeShift API Allows for On Wallet “Shifting” of BTC and BCH

According to ShapeShift’s official blog, the two wallet providers have added ShapeShift’s API to their respective wallet apps, thus allowing users to exchange or “shift” Bitcoin for Bitcoin Cash and vice versa.

All users have to do is create Bitcoin and Bitcoin Cash wallets on the Bitpay platform. From there, as long as you have non-zero balances in both that satisfy the minimum required amounts, then all there is left to do is “click to shift.”

At that point, the only thing left to do is wait for the BTC and/or BCH network to confirm your transaction and users are good to go.

Stephen Pair, Bitpay CEO, commented on the news saying that they were excited to see how the ShapeShift API integration pans out for their customer base.

“ShapeShift has built a powerful service for blockchain payments users. We’re excited to be working with them to give more choice to BitPay and Copay wallet users in how they save, store, and spend their money.”

BitPays Turns to Bitcoin Cash as Big Money Clients Stop Accepting Bitcoin

In the grand scheme of things, this is just the most recent step in a series of steps they’ve taken since December 2017 to support Bitcoin Cash across the board.

BitPay actually began supporting Bitcoin Cash in a limited fashion in September when the company enabled full support for all wallets, including CoPay.  In December they announced they would be enabling Bitcoin Cash for its payment processing services — completing its transition away from a Bitcoin-only service to a joint BCH and BTC service.BitPay

It’s possible that BitPay was forced to onboard full Bitcoin Cash support before it really wanted to as they began to lose some of their bigger clients. One big loss was Steam, which used BitPay before the company announced that it would end support for Bitcoin payments in December.

Microsoft followed suit just a month later and announced it too would be terminating support for Bitcoin payments, citing long delays and high volatility. However, Microsoft has since reinstated Bitcoin payments after BitPay reassured them that  lower bitcoin amounts would be redeemable by customers

What do you think of Bitpay and Copay’s decision to integrate ShapeShift’s API into their wallets? Lets us hear your thoughts.

Images via BitPay. ShapeShift

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