BitPay Processes Back To Back Years Of $1 Billion In Bitcoin Payments For Crypto Businesses
BitPay Has Been Able To Process $1 Billion In Back To Back Years
BitPay, which has been considered to be one of the largest blockchain payments provider in the market has gone ahead to announce another one of their yearlong expansions and achievements of the payment procession platform for the year 2018. This is after the company has been in business for over seven years.
A Little Company Information
The Company was able to process over $1 billion in payments in 2018, and from this, it was able to set a new record on the revenue earned on transaction fees, this was all achieved by adding new companies like the HackerOne, Dish Network plus the State of Ohio.
The B2B business in BitPay was able to gain a record year as it was able to grow about 255% as compared to the previous year. It is because several data centers, law firms together with the IT vendors went ahead to sign up on Bitcoin.
But this is not all as the company went ahead to hire Rolf Haag, who was the Former Western Union together with PayPal executive, the company appointed him as the Head of Industry Solutions that is responsible for the B2B business. BitPay has been setting several records, as last year it was also able to reduce the number of errors that would arise in the payments that are made.
The dollar volume was able to lose to the crypto payments errors and was able to dramatically drop from 8% to amounts that are well under 1% of the total dollar that was processed in the platform.
Many Developments Taking Place On The Platform
According to Sean Rolland, who is the Head of Product at BitPay, the adoption, and support that took place in the payment protocol wallets was able to make a significant difference for the merchants on the platform. He went on to say that the merchants will readily accept payments made in Bitcoin in an effortless way without experiencing any support issues, a big request that came from most of their merchants.
The company also went ahead to add settlement support that can be sued for the Bitcoin Cash together with the stable coins from the Circle, Paxos, and Gemini, but they are still laser-focused on the Bitcoin. According to Rolland Bitcoin has gained the needed network effect around the globe, and from this, they are still a little bullish on the Bitcoin ecosystem.
The wallets that are using the BitPay Bitcore Wallet Service, BWS, this is the likes of BitPay Wallet, Copay wallet and many others, have been able to send millions of dollars in Bitcoin together with Bitcoin Cash just in 2018. The users on the platform have been able to create 1.5 million wallets with the use of Copay and BitPay.
Last year the BitPay Wallet was able to add some integrations that had significant gift card brands; thus, this was allowing users on the platform to easily buy in-app gift cards in either food, travel plus shopping with the use of Bitcoin Cash or Bitcoin.
BitPay has been able to gain a lot in the past year, breaking several records, and also being able to raise $40 million in their series B funding, thus having their total raised capital reaching $70 million.