On June 18, 2020, Cryptocurrency debit card firm Crypto.com announced that it had signed on to the Open Payments Coalition with a commitment to drive open payments globally.
Crypto.com now joined at least 40 other finance and tech startups such as BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, and Brave, who share a vision of interoperability between payment networks.
The group currently has a total of over 100 million users, and Crypto.com will automatically add 2M of its regular users to the payment network.
The Coalition members all have access to PayID. That access will soon enable users to send payments in any currency between any platforms involved in the coalition.
PayID is a universal payment identifier that allows for interoperability between payment networks.
The platform brings together companies across all industries with an open solution for payments, marrying traditional finance, and the new world of FinTech under one standard.
Through this latest merger, more people around the world can get a chance to invest and transact in cryptocurrencies, thus increasing adoption.
Ripple Joins Open Payments Coalition
In related news, the team at Ripple announced on June 18 that the company was joining the newly formed Open Payments Coalition.
The motivation behind Ripple’s move is to launch PayID, a free and open-source standard that allows for easy communication and settlement of transactions between payment networks.
Ripple reported that PayID is built around people, replacing complex account numbers with simple and easy to type names. The platform removes hurdles around global remittances and lowers fees associated with the process.
With PayID, folks from all walks of life can easily send and receive funds across any payment network using an easy-to-read ID similar to an email address.
CoinField, which is one of more than 40 global companies that constitute the Open Payments Coalition, joined Ripple in heralding the onset of the PayID system, with the CTO at CoinField, Reza Bashash, commenting:
“We are excited to be a part of this initiative and are hoping for other crypto exchanges to join and utilize PayID for an easier, safer, and compliant future of cryptocurrency.”
PayID to Be Integrated into RippleNet
Furthermore, PayID will be integrated into RippleNet to introduce interoperability into cross-border payments further, aligning with Ripple’s founding vision of enabling the world to move value like it moves information today.
The SVP of Xpring at Ripple, Ethen Beard, believes that it is time to enhance interoperability between numerous payment networks. He stated:
“Building the open payments network that simplifies payments processes will accelerate the growth and adoption of digital payments for everyone around the globe.”