BitPay Merchants And Businesses Can Now Accept Shiba Inu (SHIB) Payments

These are very interesting times for the broader cryptocurrency industry. As a result, BitPay, the leading crypto payment processor, has enabled Shiba Inu (SHIB) support. Moreover, users can store, buy, and swap SHIB through BitPay’s wallet application. 

BitPay Adds Shiba Inu

Although many people still consider Shiba Inu as a meme currency of sorts, the project has become a lot more than that. It can still live up to the label of “Dogecoin Killer” as SHIB gains more momentum as a payment method lately. That progress is emphasized further by the recent decision by BitPay to enable Shiba Inu as an accepted payment method for all businesses and merchants.

The decision by BitPay comes on the heels of Newegg enabling SHIB payment support not too long ago. AMC also supports SHIB transactions, prompting payment providers to rethink their stance on this currency. Overwhelming demand means players like BitPay have to step up their game and integrate more currencies. Moreover, they bring that functionality to the BitPay Wallet application, used for storing, buying, and swapping cryptocurrencies. 

Newegg Director of Brand Marketing Andrew Choi adds: 

“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies. Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com.” 

The current market capitalization f Shiba Inu cannot be ignored either. Although no one expected it to be valued at over $1 billion, SHIB maintains a market cap of over $19 billion. More importantly, Shiba Inu remains close to Dogecoin in overall capitalization, confirming the rivalry between the two projects remains intact. Whether SHIB will overtake DOGE on this front remains unclear, as they have very different tokenomics. 

A Big Opportunity For Merchants

Businesses and merchants relying on BitPay to process cryptocurrency payments have an unprecedented opportunity at their disposal. Shiba Inu has global traction, and its community grows stronger every week. If some of those community members can spend their SHIB balance on products and services, they would buy from a competitor; otherwise, there is tremendous value in enabling Shiba Inu as an accepted payment method. 

BitPay CEO Stephen Pair comments:

“The Shiba Inu community is passionate about its coin and serious about giving those consumers places to spend SHIB. BitPay believes that the more community involvement from coin holders supports awareness and adoption helping to move the blockchain industry to pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”

Shiba Inu joins a growing list of supported cryptocurrencies on the BitPay platform. That list includes Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Wrapped Bitcoin, and five stablecoins, including BUSD, USDC, and DAI. As BitPay supports both SHBI and DOGE, it will be intriguing to see which of these two will turn out to be more popular. 

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