Global bitcoin payment service provider BitPay has entered into a multi-million dollar agreement with Bitmain Technology, a leading bitcoin hardware mining producer.

The development agreement will allow BitPay to create advanced open source software for the miners, mining pools and full node operators which maintain and secure blockchain transactions.

“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,” Stephen Pair, CEO of BitPay, said. “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.”

Over the course of its multi-year agreement with new customer Bitmain, BitPay will be drawing its over six years of experience in creating payment technology and safe open source payment platforms on the blockchain.

On the other hand, the bitcoin mining company Bitmain has been playing a major role in bitcoin hardware innovation in order to support the tremendous growth of bitcoin.

“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,” Jihan Wu, CEO of Bitmain, stated.

Having a long tradition of serving wide range of companies in blockchain mining hardware, BitPay is pleased to count Bitmain among its customers. The company processes millions of dollars in payments for business worldwide, including industry leaders such as Microsoft, PaySafe, among others.