BitPay Advances Web3 Utility with Support for Arbitrum, Optimism, and Base Networks

This update expands the BitPay Wallet's Layer 2 network capabilities and multichain wallet experience

ATLANTA, Oct. 31, 2024 /PRNewswire/ -- BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services, today announced it now supports three new Layer 2 networks for BitPay Wallet app users: Arbitrum, Optimism, and Base. The update to its wallet app greatly expands Web3 usability, allowing its community to buy assets, store securely, swap tokens, sell for cash, and explore decentralized apps, all from one convenient interface.

"Integrating Arbitrum, Optimism, and Base into BitPay's self-custody wallet is a major milestone in our mission to improve blockchain utility and the Web3 experience," says BitPay CMO Bill Zielke. "This update, as well as the addition of new networks in the future, demonstrates our commitment to ensuring our users benefit from the latest technology."

A Layer 2 in blockchain is a secondary framework built on top of the main blockchain (Layer 1) that processes transactions faster and more cheaply, easing congestion on the main network. Arbitrum, Optimism, and Base are leading Layer 2 networks on the Ethereum blockchain, with more than 100 million combined monthly transactions. 

The BitPay community will now be able utilize these networks in the following ways:

• Explore: Seamlessly connect their self-custody BitPay Wallet to Web3 and decentralized finance apps on Arbitrum, Optimism, and Base.
  
  
• Buy: Easily view market rates and purchase a range of supported tokens through a network of partner platforms.
  
  
• Store Securely: Manage all crypto assets across chains with confidence using BitPay's self-custody wallet, equipped with industry-leading security features.
  
  
• Sell: Get competitive offers for your assets and sell for cash through partner platforms.
  
  
• Swap: Access a variety of supported tokens and swap crypto through trusted exchange providers.
  
  
• Send/Receive: Quickly and securely send and receive peer-to-peer transactions with ease.

In addition to now supporting self-custody asset management on Arbitrum, Optimism, and Base networks, the BitPay Wallet app has been refreshed with a new user interface, making it easier to manage and utilize multiple networks in one wallet. Notable improvements include:

• EVM account wallets: Store, manage, and utilize all of Ethereum and Layer 2 assets in one place with EVM accounts. 
  
  
• Simplified wallet creation: Choose from UTXO, Account-based, or Multisig wallets when creating or importing a wallet.
  
  
• Auto-detect tokens: BitPay Wallet now automatically detects tokens sent to EVM accounts, making crypto management easier than ever.
  
  
• Better sorting and filtering by chain: Easily flip from network to network to more seamlessly manage and utilize all assets. 

Arbitrum, Optimism, and Base are the latest additions to BitPay's supported networks. Over the past several years, BitPay has already integrated popular networks like Polygon for Ethereum and the Lightning Network for Bitcoin.

For more information on BitPay, visit bitpay.com.

About BitPay

Founded in 2011, BitPay is one of the oldest cryptocurrency companies. As a pioneer in blockchain payment processing, the company's mission is to transform how businesses and people send, receive, and store money. Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services. For consumers, the BitPay Wallet offers a complete digital asset management solution to buy, store, swap, sell, and spend cryptocurrency with ease. 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.

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SOURCE BitPay