BitPay enters open source blockchain security development agreement with Bitmain

Atlanta-based bitcoin payments provider BitPay announced today that it has entered into a multi-million dollar development agreement with China-based Bitmain Technologies, the foremost provider of the “mining” hardware used to secure blockchains. Over the course of its multi-year agreement with new customer Bitmain, BitPay will create advanced open source software for the miners, mining pools and full node operators which maintain and secure blockchain transactions.

BitPay will draw on its more than six years of experience in building payment technology and secure open source platforms for payments on the Bitcoin blockchain. BitPay has a long tradition of servicing the most significant companies in blockchain mining hardware and is now pleased to count Bitmain among its customers. BitPay also processes hundreds of millions of dollars in payments yearly for businesses worldwide, including industry leaders like Microsoft, Valve, and PaySafe.

Stephen Pair, CEO BitPay, Inc.

BitPay CEO Stephen Pair said:

“At BitPay, we recognize that there is an untapped market of mining companies that require more advanced platforms for their businesses than are available today.”

“We value having Bitmain as a customer, and we believe that miners and mining technology providers like Bitmain play a vital role in the security and ongoing success of the Bitcoin blockchain.”

Bitmain is one of the most successful providers of the hardware used to secure blockchain transactions. In recent years, the company has played a major role in hardware innovation to support the exponential growth of Bitcoin — the world’s first and most successful blockchain.

Bitmain CEO Jihan Wu was quoted:

“BitPay has established itself as a leader in open source development for the Bitcoin blockchain. We believe that together we can make real improvements in how we secure blockchain transactions and grow the impact of blockchain technology in digital payments.”

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