Founded in 2011 by Stephen Pair and Tony Gallipi, BitPay is a payment processor that enables businesses to accept bitcoin payments.
After onboarding 10,000 merchants to accept bitcoin with their services in 2013, BitPay raised $30 million in a Series A round led by venture capital firm Index Ventures in 2014.
In May 2016, Bipay launched the Bitpay Visa Prepaid Debit Card, a way of converting bitcoin into spendable fiat money wherever Visa is accepted, available to users in 131 countries.
In addition to payment services, BitPay offers Bitcore, an open source platform for developers to build applications with bitcoin. They also offer a BitPay bitcoin wallet, for beginners to store and manage their funds.
In 2018, BitPay underwent a Series B investment round with participants Menlo Ventures and Aquiline Technology Growth raising $40 million. At the time, they said the funds would be used to expand the business in Asian markets, as well as to acquire regulatory licenses, hire more engineers, and acquire new technologies.
In 2019 the company added support for bitcoin cash and stablecoins USDC (from Circle), GUSD (from Gemini), and PAX (from Paxos). Additionally, in 2019, telecom giant AT&T said it would also accept crypto payments through BitPay, joining the likes of Microsoft, Avnet, Dish, Hotels.com, and Newegg.