BitPay reveals details of its operations amid banking turbulence

The BitPay processing service will suspend the BitPay Card program for several months to search for a new banking partner. The move came after the termination of its agreement with Metropolitan Commercial Bank.

We’ve seen some hot takes since announcing our short transition period for the BitPay Card and want to make one thing clear: we’re not going away, just taking some time to change banks and enhance the card program.

More details in the thread ? pic.twitter.com/HeuGZIlst1

— BitPay (@BitPay) May 18, 2023

In April 2023, Metropolitan Bank said it was close to completing the previously announced exit from the cryptocurrency market.

Support for BitPay Card operations and ATM access will cease on 15 June 2023.

Two weeks later, over the following 30 days, the remaining funds will be issued as a check to the address linked to the card.

The company said it was evaluating several interesting proposals from potential partners. During the pause, BitPay will also work on enhancing the program.

Current BitPay Card holders retain priority for receiving a replacement card. Applications to issue new cards are paused.

According to a study by the news aggregator PYMNTS and the BitPay processing service, for 84.8% of merchants, payments via cryptocurrency became a means of expanding their customer base.

As noted, BitPay partnered with the fashion brand Ralph Lauren in an initiative to accept payments in digital currencies.