The BitPay processing service will suspend the BitPay Card program for several months in order to find a new partner bank. The reason was the termination of the agreement with the 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 announced that it was close to completing its previously announced exit from the cryptocurrency market.
Support for BitPay Card transactions and access to ATMs will end on June 15, 2023.
Two weeks later, within the next 30 days, the remaining funds will be sent in the form of a check to the address linked to the card.
The organization noted that they are studying “several interesting proposals” from potential partners. As part of the pause, BitPay will also improve the program.
Current BitPay Card holders will receive priority for the new card. Reception of applications for release is suspended.
According to a study by the news aggregator PYMNTS and the processing service Bitpay, for 84.8% of merchants, paying with cryptocurrencies has become a way to expand their customer base. Recall that BitPay partnered with the fashion brand Ralph Lauren in an initiative to accept payments in digital currencies.
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