Bitpay known to be the largest cryptocurrency payments providers has accomplished an enormous feat in 2018. Over $1 Billion has been processed proving that cryptocurrency is very much alive and growing at a rate faster than is imagined.
Bitpay had achieved great notch partnerships concerning B2C last year, with Dish Networks, HackerOne and even the State of Ohio utilizing its services. The B2B grew by a whopping 255% with law firms, data providers and IT vendors reaching out to accept Bitcoin with the help of Bitpay.
The cryptocurrency giant has also efficiently coordinated its business by reducing payment error rates. According to data, it decreased from 8% recorded in December 2017 to under 1% of Bitpay’s total dollar volume processed.
Bitpay also secured $40 million in Series B funding with new investors onboard BitPay’s vision. These investors include Menlo Ventures, Capital Nine, G Squared and known individuals investing such as Christopher Klauss’s family office and Tencent’s founder Alvin Liu.
BitPay has been in the cryptocurrency business since 2011, showcasing itself as a pioneer in the crypto field.
Its user-friendliness of allowing businesses accepting Bitcoin, Bitcoin Cash, Gemini Dollar, USD Coin and Paxos Standard with a 1% processing fee helps in mass adoption, especially among corporates. It currently can be settled in eight fiat currencies, with direct bank deposits in 38 countries.
Bitpay has proven to be successful solely focusing on payment processing, instead of diversifying. It also has a phenomenally experienced team with employees such as Rolf Haag who is a former Western Union and Paypal executive heading the Industry Solutions for their B2B business. With close to 80 employees, there is significant talent spread in the various essential departments such as sales, engineering, support, and compliance.
Bitpay has fit into Bitcoin’s jigsaw puzzle beautifully as a use case for cross border payments leading to corporations benefiting from international business.
The data shows that even though the cryptocurrency markets have been down, it has not meant that people have given up on paying in Bitcoins.
Image Source – BitPay
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.