Stablecoin option in ProZ*Pay Thread poster: Alexander Gulevskiy
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Hello everyone,
Didn't find this topic on the forum, so decided to create a new one.
I would like to suggest ProZ to include an option to choose a stablecoin (USDT or USDC, for example) under the "Cryptocurrency via BitPay" Preferred payout method in Settings.
The problem is that the available cryptocurrencies (Bitcoin, Bitcoin Cash, Doge, and Litecoin) are highly volatile, and the transfer of funds from ProZ*Pay to BitPay is not immediate. The value of th... See more Hello everyone,
Didn't find this topic on the forum, so decided to create a new one.
I would like to suggest ProZ to include an option to choose a stablecoin (USDT or USDC, for example) under the "Cryptocurrency via BitPay" Preferred payout method in Settings.
The problem is that the available cryptocurrencies (Bitcoin, Bitcoin Cash, Doge, and Litecoin) are highly volatile, and the transfer of funds from ProZ*Pay to BitPay is not immediate. The value of the funds can depreciate while the transaction is being processed. Even 2 hours can result in a loss of 10% or even more (especially, if you use Doge).
Stablecoins, on the other side, are pegged to fiat currencies (USD, EUR, etc.) or other traditional assets and are more stable, as their name suggests. Adding an option to choose a stablecoin for a crypto withdrawal could help freelancers manage the price depreciation risk and will certainly add value to ProZ*Pay.
Would be glad to hear what you think. ▲ Collapse
| | | | | We will contact BitPay's support team over this matter. | Oct 12, 2023 |
Hey Alexander,
My name's Isabella and I'm one of ProZ*Pay's team members.
Yesterday we reviewed our account at BitPay. As you know, not all cryptocurrencies are available to receive payments from ProZ*Pay.
In my experience, it is possible to choose USDC (via Etherum) when receiving a payment from ProZ*Pay.
Either way, we will contact BitPay's support team over this matter.
Thank you for bringing this up!
| | | | | USDC is already available, requires adjustments in the BitPay account | Oct 13, 2023 |
Isabella Capuselli wrote:
Hey Alexander,
My name's Isabella and I'm one of ProZ*Pay's team members.
Yesterday we reviewed our account at BitPay. As you know, not all cryptocurrencies are available to receive payments from ProZ*Pay.
In my experience, it is possible to choose USDC (via Etherum) when receiving a payment from ProZ*Pay.
Either way, we will contact BitPay's support team over this matter.
Thank you for bringing this up!
Hi Isabella,
Thank you for a quick response and attention to this question.
Yes, indeed, the cryptocurrency is selected in the BitPay account, and now the options are BTC, ETH, USDC, and Bitcoin Cash instead of BTC, Litecoin, Doge, and Bitcoin Cash as it was before.
So a stablecoin is already there. The only thing that requires an update is perhaps the list of cryptos in the ProZ*Pay description of the BitPay payout method here: proz.com/pay/account/[account number]/settings
Glad to see ProZ gradually adapting Web3 in your own way, keep it up!
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