PayID address registration will be available on Bitrue “very soon”

Source: Wit Olszweski – Shutterstock

• Bitrue will introduce Ripple’s PayID standard “very soon”.
  
• To celebrate the launch, users can win 100 XRPs and the right to pre-register a PayID.

Bitrue, a long-term partner of Ripple and a leading digital asset exchange, announced a few hours ago that registration for the PayID open payment standard will be “live very soon.” Via Twitter, Bitrue guest the community to pre-register and be part of a giveaway:

PayID address registration will be available soon on Bitrue, show us how excited you are and you could win $ 100 XRP, PLUS we will pre-register your personal PayID!

1. Retweet
2. Comment with #BitruePayID and raise your hand

5 winners will be drawn in 24 hours, good luck!

In a previous announcement, Bitrue stated that as part of the Open Payments Coalition it will adopt the standard developed by Ripple. PayID is a universal identifier which, as stated by Bitrue in its release, aims to facilitate payments. The standard was conceived as an open source protocol to enable interoperability between payment networks.

Implementing PayID on a platform simplifies transactions by providing users with a standardized address that is used in place of the long numbers associated with a wallet address and other requirements. In this sense, Bitrue announced:

(…) You can give your friends or business partners (the address) when it’s time to make a transaction using cryptocurrencies. For example, if you wish to receive XRP, you no longer need to tell people to send funds to raLPjTYeGezfdb6crXZzcC8RkLBEwbBHJ5 (oh, and remember to add the right tag), now all you have to do is tell them to send funds eg. User $ Bitrue.com

Bitrue and PayID will allow users to customize their addresses, adding a feature that simplifies the overall process of sending and receiving payments. The standard will allow transactions with XRP, Bitcoin (BTC), Ethereum (ETH), among other cryptocurrencies. This way, there will be fewer failed transactions or errors when sending cryptocurrencies, as the exchange added:

Here at Bitrue we will implement PayID through a staggered rollout. We will initially support XRP withdrawals from the platform (…). The next stage will be to expand support for more coins beyond XRP. When PayID has been enabled for deposits, each user will receive their own unique payment address.

As reported by CNF, PayID has 40 partners around the world, from global corporations to non-profit organizations. According to Ripple’s CTO David Schwartz, PayID has the ultimate goal of making sending a payment as easy as typing and sending an email.