19 Jan 2019 Arjun Agarwal
BitPay With Over $1 Billion in Transactions and Record Revenue
2018 was a Ferris wheel for most of the leading cryptocurrencies.
Some of them recorded all-time highs before plunging by 60-80%. The market stabilized, but most crypto investors and enthusiasts are willing to forget about 2018.
BitPay, one of the largest global crypto and blockchain payment services provider, marked a successful year.
BitPay’s approach to concentrate more on business-to-business (B2B) solutions, rather than customer-based ones, have been fruitful for the company. Their annual report shows $1 billion have been processed in terms of transactions.
One of the reasons for BitPay’s success is the global adoption of Bitcoin and altcoins worldwide. BitPay’s client base has increased with companies like Dish Networks, Hacker one and institutions like the U.S state of Ohio. With the new client base at hand, BitPay’s revenue has jumped with 225 percent on a yearly basis.
Stephen Pair, the CEO of BitPay stated that the company’s B2B relationships continue to expand because BitPay’s solution is quicker and cheaper than traditional banking.
Despite the price drop of Bitcoin, transactions with the #1 cryptocurrency are showing that cryptocurrencies are solving problems, found in traditional banking.
BitPay’s success clearly shows that more and more businesses are opting for blockchain and cryptocurrencies. The exponential growth means blockchain as a solution (BaaS) and transaction-specific cryptocurrencies will also continue to grow in numbers.
BitPay’s CEO also stated that the company had expanded its human resources, with over 80 professionals working in its principal office. The company even recruited Rolf Haag – former executive of Western Union and Paypal. His role is Head of Industry Solutions.
BitPay’s expansion is also due to the added support for Payment Protocol wallets. The adoptions make it easy for merchants to accept Bitcoin payments.
The company plans to add support for altcoins, such as Bitcoin Cash and the Circle, Gemini and Paxos stablecoins. However, Sean Rolland, Head of Product for Bitpay, stated that Bitcoin, as a global cryptocurrency leader, has the network effect and the company is going to be even more bullish about the cryptocurrency and its related blockchain and ecosystem.