BitPay & CoolBitX Partner to Enable Crypto Purchases on Daily Transactions Directly from Hard Wallet
July 2020 by Marc Jacob
CoolBitX, a blockchain security company that is building the infrastructure to close the gap between mainstream financial institutions and the crypto industry, announced a new partnership with BitPay, the world’s provider of Bitcoin and cryptocurrency payment services. This partnership enables CoolBitX’s hardware wallet, CoolWallet S, to become the first hardware wallet in the market to fully integrate with the open source JSON Payment Protocol as an ongoing effort to facilitate the mainstream adoption of cryptocurrency.
As a result of this collaboration, CoolWallet S users are able to spend their cryptocurrencies on daily transactions at the many major retailers and corporations that support payments through BitPay, such as the AT&T, Twitch, Microsoft, Newegg, and many more.
CoolWallet S was released in 2018 and combines hot and cold storage solutions—blending the convenience offered by hot wallets with the enhanced security features of a cold wallet. With all its security features pared down to the size of a credit card, CoolWallet S is the world’s first hardware wallet that allows for Bluetooth-enabled pairing with users’ mobile phones. CoolWallet S is also integrated with Simplex and BANXA, allowing for credit card or direct fiat-to-crypto purchases on the CoolWallet S app, and stores multiple digital assets, including BTC, ETH, LTC, XRP, BCH, ZEN, BNB, and ERC20 tokens.
BitPay works as a payment service that allows businesses to accept payments in cryptocurrency, mainly Bitcoin (BTC) but also supports transactions in BitcoinCash, XRP and ETH and the stablecoins USDC, BUSD, PAX and GUSD, and converts crypto it into fiat for the business. An example of the process can be broken down into the following steps:
• A customer will purchase an item at a supported retailer such as Twitch
• At checkout, instead of using a credit card or PayPal, customers can choose BitPay
• BitPay will lock-in an exchange rate that will tell the customer the item’s price in BTC
• When the transaction is completed, the BTC from the customer is sent to BitPay while BitPay will transfer its value in fiat to the retailer BitPay is constantly adding to its thousands of merchants who accept crypto through its service.