{"id":79041,"date":"2023-05-19T18:50:02","date_gmt":"2023-05-19T15:50:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79041"},"modified":"2025-09-11T08:42:21","modified_gmt":"2025-09-11T05:42:21","slug":"bitpay-reveals-details-of-its-operations-amid-banking-turbulence","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitpay-reveals-details-of-its-operations-amid-banking-turbulence\/","title":{"rendered":"BitPay reveals details of its operations amid banking turbulence"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We\u2019ve seen some hot takes since announcing our short transition period for the BitPay Card and want to make one thing clear: we\u2019re not going away, just taking some time to change banks and enhance the card program. <\/p>\n<p>More details in the thread ? <a href=\\\"https:\/\/t.co\/HeuGZIlst1\\\">pic.twitter.com\/HeuGZIlst1<\/a><\/p>\n<p>\u2014 BitPay (@BitPay) <a href=\\\"https:\/\/twitter.com\/BitPay\/status\/1659231785832546316?ref_src=twsrc%5Etfw\\\">May 18, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In April 2023, Metropolitan Bank said it was close to completing the previously announced <a href=\"https:\/\/forklog.com\/en\/news\/metropolitan-commercial-bank-nears-completion-of-exit-from-the-crypto-industry\">exit from the cryptocurrency market<\/a>.<\/p>\n<p>Support for BitPay Card operations and ATM access will cease on 15 June 2023.<\/p>\n<p>Two weeks later, over the following 30 days, the remaining funds will be issued as a check to the address linked to the card.<\/p>\n<p>The company said it was evaluating several interesting proposals from potential partners. During the pause, BitPay will also work on enhancing the program.<\/p>\n<p>Current BitPay Card holders retain priority for receiving a replacement card. Applications to issue new cards are paused.<\/p>\n<p>According to a study by the news aggregator PYMNTS and the BitPay processing service, for 84.8% of merchants, payments via cryptocurrency <a href=\"https:\/\/forklog.com\/en\/news\/study-85-of-merchants-view-bitcoin-payments-as-a-means-to-attract-customers\">became a means of expanding their customer base<\/a>.<\/p>\n<p>As noted, BitPay<a href=\"https:\/\/forklog.com\/en\/news\/ralph-lauren-store-in-miami-to-begin-accepting-cryptocurrency-payments\"> partnered with<\/a> the fashion brand Ralph Lauren in an initiative to accept payments in digital currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BitPay processing service will suspend the BitPay Card program for several months to search for a new banking partner. The move followed the termination of its agreement with Metropolitan Commercial Bank.<\/p>\n","protected":false},"author":1,"featured_media":79042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,252,1198,36],"class_list":["post-79041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-bitpay","tag-crypto-payments","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79041"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79041\/revisions"}],"predecessor-version":[{"id":79043,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79041\/revisions\/79043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79042"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}