BitPay Says It Processed Over $1 Billion in Crypto Payments Last Year
U.S.-based crypto payments processor BitPay says it processed over $1 billion-worth of transactions last year.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TWZBFJY7FVBPRMLANTFKTXJFFY.jpg)
U.S.-based crypto payments processor BitPay says it processed over $1 billion-worth of transactions last year.
Announcing the news on Wednesday, the firm said this is the second consecutive time it's reached the billion-dollar mark in its over seven years of existence.
“To process over a $1 billion for a 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,” said Stephen Pair, BitPay co-founder and CEO.
Giving further highlights of the past year, the firm said its business-to-business venture saw revenue growth of about 255 percent year-on-year as new clients including law firms, data center providers and IT vendors signed up to accept crypto payments.
Notable new customers added in 2018 included subscription TV provider Dish Networks, online organization of security experts HackerOne and the U.S. state of Ohio, which became the first state in the nation to allow taxes to be paid in bitcoin back in November.
The firm also added settlement support for bitcoin cash (BCH) and stablecoins from Circle (USDC), Gemini (GUSD) and Paxos (PAX), while its focus still remains on bitcoin (BTC), according to the announcement.
“Bitcoin has the network effect around the world and we are still extremely bullish on bitcoin and the bitcoin ecosystem,” said BitPay head of product Sean Rolland.
During the year, BitPay also raised $40 million in a Series B round, bringing its total capital raised so far to over $70 million.
Bitcoin payments processor image via Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.