The cryptocurrencies in Asia recovered as AT&T Inc. (NYSE:T), the telecom giant,has selected a thirty party service provider BitPay to process the payments. The market cap of crypto has increased from $239.5 billion on Thursday to $244.5 billion on Friday. Most of the cryptocurrencies are trading higher in Asia on Friday.
Bitcoin (BTC) surged to $7834 (up 2.2%) on Friday. However, it is not able to reach a high of $8,000 since Wednesday. It has touched a 10-month high of $8287.2 in the middle of May 2019.
Another prominent cryptocurrency – Litecoin (LTC) rose to $88.799 (up 1.60%). XRP surged to $0.37636 (up 0.69%). However, Ethereum (ETH) declined to $242.9 (down 0.06%) on Friday.
AT&T is the latest in the league in accepting Bitcoin payments from its customers. The telecom company has selected a third party service provider BitPay to accept the payments from the clients in bitcoin. The move is expected to benefit over 150 million customers of AT&T. Many young customers prefer paying the bills in bitcoin.
AT&T has joined a league of government agencies and businesses in accepting the crypto. The customers, who intend to make payment online or through myAT&T app, can select BitPay to make payments in digital coins. BitPay is responsible for verifying the payments received in bitcoin from the customers.
Deposits in Dollar
BitPay credits the equivalent amount in dollars into the account of AT&T the next day. It charges a fee of 1% for businesses that require a 100% fiat currency and converted into dollars. Vice President (Communications Finance Business Operations) of AT&T, Kevin McDorman said the company is exploring innovative ways to expand and improve the services. The company is pleased to offer the customers to make payments in cryptocurrency.
Safeguards against volatility
A spokesperson of BitPay said the payments in cryptocurrency are protected against volatility. It is a safe payment option for businesses to improve services.
Overstock.com is the first company to accept payments in cryptocurrency. Medici Ventures, the venture capital arm of Overstock.com, has invested considerable funds in the technology.
The Ohio State has allowed its citizens to pay taxes in Bitcoin. In
2018, Seminole County in Florida is the first government agency to accept the
payments in cryptocurrency for various services.