By Jeff Klee, CEO
Last week I sent a letter to our Bitcoin customers about our need to transition to a new processor. The feedback we got was tremendous.
We really appreciate all of the thoughtful comments that we received (and continue to receive). Thank you!
One of the big questions we asked was how you would feel about having to use a BIP-70 compatible wallet if we were to go with BitPay. On that point, the feedback was all over the map. Roughly a third said BIP-70 is great, a third said they weren’t familiar with it, and a third said that if we went that route they would either have difficulty doing business with us or would outright no longer be interested.
These different schools of thought made clear to us that if we want to serve the entire digital currency community, we need to come up with an option for those who don’t have BIP-70 wallets. So we are continuing to actively evaluate a few different solutions to make that possible.
I know we expected to have something in place by the end of April, but we are grateful that Coinbase has given us a little more time to make this transition. For now, it’s business as usual, but we’ll keep you in the loop.
Thank you again for your continued support.