BitPay Handled Over $1bln Worth Crypto Payments In 2018

BitPay, the US- based crypto payment processor, said it handled transactions worth more than $ 1 billion in 2018. The company announced said Wednesday Wednesday’s that it has attained the billion dollar land mark over seven years of operation for the second time in a row.

Stephen Pair, BitPay co-founder and CEO, said “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.”

The company said that its business-to-business project recorded revenue growth of around 255% year-on-year as new customers, including law firms, data center providers and IT vendors, signed up to accept cryptocurrencies as payments.

In 2018, prominent new clients included subscription television provider Dish Networks, online security expert organization HackerOne and the United States of Ohio, which became the nation’s first state to legalize payment of taxes using Bitcoin, back in November.

According to the official announcement, the company also introduced settlement support for Bitcoin cash (BCH) and stablecoins from Circle (USDC), Gemini (GUSD) and Paxos (PAX) while its emphasis continues to be on Bitcoin.

BitPay, head of product Sean Rolland, said “Bitcoin has the network effect around the world and we are still extremely bullish on bitcoin and the bitcoin ecosystem.”

BitPay also managed to receive $40 million in a Series B round funding during the year, taking total capital raised to more than $70 million so far.