20 September 2022
Partnership represents instant advanced crypto payment optionality for Gr4vy merchants and their customers
Gr4vy, the cloud-native payments company, today announced a new strategic partnership with BitPay to empower its merchants to easily accept crypto payments through BitPay's checkout offering. As part of Gr4vy's no-code payment orchestration platform (POP), merchants can now implement and offer BitPay's advanced crypto payment options without assuming added crypto risk, fear of chargebacks, fraud or high transaction fees while expanding into new global markets.
The global cryptocurrency market size was valued at $1.49 billion in 2020 alone, and is projected to reach $4.94 billion by 2030. A majority of merchants today already believe customers have a significant interest in digital currencies, and nearly 75% reported plans to accept stablecoin payments or cryptocurrency payments within the next two years. Consumers are increasingly interested in paying with digital currencies, showing merchants need to take note.
"Today's consumers continue to demand alternative ways to pay. Merchants looking to stay competitive can no longer afford not to offer various payment methods, like crypto, or they will find customers opting for merchants who meet their payment needs. Merchants have also begun to consider their Web3 strategy, making the ability to offer and accept crypto payments more critical as they look toward the future," said John Lunn, founder and CEO of Gr4vy. "We designed our cloud-native POP to make it fast and easy to implement new, innovative ways to pay. As a trusted global leader in blockchain payments, BitPay was the perfect partner for our platform based on over 11 years of blockchain payment expertise. We're committed to helping merchants tap into the massive crypto market and take on crypto payments."
As part of the partnership, merchants utilizing Gr4vy's cloud-native POP can now instantly add BitPay to their payment stack with no code and begin to accept crypto payments through the BitPay checkout. Merchant's customers gain access to pay using 15 different cryptocurrencies, as BitPay currently supports: ApeCoin (APE), Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), XRP (in certain countries), 5 USD-pegged stablecoins (BUSD, DAI, GUSD, USDP, and USDC) and one Euro-backed stable coin EUROC. BitPay supports the most popular crypto wallets. Its app, browser extension, and card are compatible with wallets like Blockchain, Coinbase, Kraken, Metamask, BRD, and many more.
The addition of BitPay to Gr4vy's platform allows merchants to accept payments and get settled the next business day, with a reach of over 220 countries globally to be settled in local fiat. Merchants never have to hold crypto and for the process, BitPay charges a flat 1% transaction fee.
"At BitPay, we are proud to be the world's leading provider of bitcoin payment technology and see the future of payments on the blockchain. A lot of the other companies doing cryptocurrency payments out there don't look at it from the perspective of the entire workflow of a payment, we do," said Stephen Pair, co-founder and CEO of BitPay. "We chose to partner with Gr4vy because they share our same commitment to deliver best-in-class services when it comes to payments. Working with Gr4vy's payment orchestration platform, makes it easy for merchants to add a crypto payment option."
Gr4vy's no-code payment orchestration layer makes it easier for merchants to deploy, manage, customize and optimize the right payment method for the specific user. The company gives merchants their own dedicated instances of Gr4vy in the Cloud, preventing shared infrastructure or server loads unlike other solutions on the market. Merchants can get multiple dedicated instances of Gr4vy to reduce points of failure and ensure they never lose a transaction. Gr4vy also includes everything merchants need for payment infrastructure, including connectors to leading payment service providers, a powerful workflow engine, front and backend payment orchestration, no-code admin tools, and a dashboard to control and manage everything within their payments stack.
Gr4vy can also spin up edges for a merchant's instance and deploy it in any region or country, keeping merchant and customer data in the region or country it was deployed, helping merchants meet data privacy protection laws now prevalent in many countries. The outcome is a genuinely modern cloud-native POP that frees merchants to focus on their business and customers.
Founded in 2011, BitPay pioneered blockchain payment processing with the mission of transforming how businesses and people send, receive, and store money. Its business solutions eliminate transaction fraud, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. BitPay offers consumers a complete digital asset management solution that includes the BitPay Wallet and BitPay Prepaid Card, enabling them to turn digital assets into dollars for spending at tens of thousands of businesses. The company has offices in North America, Europe, and South America and has raised more than $70 million in funding from leading investment firms including Founders Fund, Index Ventures, Virgin Group, and Aquiline Technology Growth. For more information visit bitpay.com.
The BitPay Card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International Incorporated. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank ©2014. Use of the Card is subject to the terms and conditions of the applicable Cardholder Agreement and fee schedule, if any.