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January 17, 2019

BitPay hits record year with $1bn in transactions

By Briony Richter

BitPay transactions have seen a record year pulling in $1bn in total.

The blockchain payments provider also announed key accomplishments and expansion of the payment processing platform. The company has had more than seven years in business.

Over the course of 2018, BitPay processed over $1bn in payments and set a new record for transaction fee revenue by adding new customers like Dish Networks, HackerOne, and the State of Ohio.

The company also stated that its B2B business grew almost 255% from the previous year as many law firms, data center providers, and IT vendors signed up to accept Bitcoin.

Co-founder and CEO of BitPay, Stephen Pair, stated:

“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 $1bn 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 $1bn transactions reveals confidence in cryptocurrency

Last year, BitPay also set a record for reducing payment error rates. The dollar volume lost to cryptocurrency payment errors dropped dramatically from over 8% (in December 2017) to well under 1% of BitPay’s total dollar volume processed.

Head of Product of BitPay, Sean Rolland, commented:

“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 easy way without any support issues. This was our biggest request by our enterprise merchants.

“Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem.”

Despite hacks throughout 2018, confidence in Bitcoin has survived. It still has its critics but that hasn’t stop BitPay from expanding its platform and offerings. The BitPay $1bn transactions is a clear indication that there is still scope for development with cryptocurrency in the future.

 

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