Bitpay, a blockchain-based payments provider, has announced that last year they have processed US$1 billion in payments. In 2018, Bitpay added valuable clients including the US State of Ohio, HackerOne, and Dish Networks, which in turn led to a massive increase in Bitpay’s transactions.
How did Bitpay Increase Payment Transactions to US$1 Billion in 2018?
Reports say the blockchain-based payments provider’s revenue from B2B business in 2018 has also increased by 225% from that of 2017. This has become possible as many IT vendors and data center providers signed up with Bitpay for accepting Bitcoin.
CEO and co-founder of BitPay, Stephen Pair, said:
“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”
Bitpay also claimed that in 2018 they had significantly reduced errors related to payments. They said that in the previous years, large volumes of US Dollars are lost due to cryptocurrency payment errors. However, in 2018 the cryptocurrency payment errors came down from 8% to less than 1%.
BitPay’s head of product, Sean Rolland, said:
“The adoption of support for Payment Protocol wallets has made a big difference for our merchants. Merchants are now able to easily accept Bitcoin payments in a simple easy way without any support issues. This was our biggest request by our enterprise merchants.”
Bitpay is Expanding Beyond Bitcoin Payment Transactions
The blockchain-based payments provider, Bitpay, primarily supports the Bitcoin-related transactions. However, now it is also supporting other cryptos, altcoins, and stablecoins such as Bitcoin Cash and US Dollar-pegged stablecoins from Gemini, Circle, and Paxos.
At a time when the cryptocurrency market is dominated by bearish sentiment due to falling crypto prices, Bitpay has raised funds to the tune of US$40 million from its Series B funding. Investment is done by both angel investors and venture capitalists. Therefore, the total capital raised by Bitpay reached US$70 million. In fact, Bitpay has also increased its manpower by 78% in 2018, which is a significant step at a time when most of the other crypto players are cutting short their resources.
Bitpay has acquired Virtual Currency License issued by the NYDFS (New York State Department of Financial Services) in 2018. With this license in place, the blockchain-based payments provider Bitpay can now operate its cryptocurrency business from the New York state.
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