Last year started off strong for cryptocurrencies, as every coin found themselves with substantially high price tags. However, it only took a few days for the market to crash, taking down all coins with them by the middle of January.
Rather than finding their bottom floor, the coins kept falling and they ultimately dropped 90% from their all-time highs.
The market drop for coins also impacted the businesses that were formerly thriving in the economy. In fact, some projects had to shut down all together, lacking even a single source of support to help them survive, even if they could not thrive yet. The bear market brought down performance on exchanges as well, considering the lack of trade volume and the active users. Still, somehow, payment services like BitPay kept thriving.
BitPay is the biggest blockchain payment processor in the world right now, and they have maintained their status for almost eight years now. In 2018, they surpassed another milestone as they reached $1 billion in payments processed. They also added major customers, like HackerOne, the State of Ohio, and Dish Network. With all their progress, they experienced 255% in growth, in comparison with the year before.
Some experts suggest that Bitcoin’s acceptance by mainstream retailers as legitimate forms of payment had a lot to do with that success. CEO and co-founder of BitPay 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 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.”
BitPay managed to bring in funding in a Series B round that involved major companies like Menlo Ventures, Delta-v Capital, Nimble Ventures, Capital Nine, and others. Aquiline Capital Partners, as a firm, led the funding round, which resulted in $70 million in support.
The head of product at BitPay, 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 way without any support issues. This was our biggest request by our enterprise merchants.”