Over $1 Billion in Crypto Payments for BitPay in 2018
Major crypto payments processor BitPay has been processing cryptocurrency payments for the last seven years, and for each successive year, has seen an increase in the volume of payments made via cryptocurrencies.
Despite a market meltdown that saw coins lose up to 90 percent of their value, the Atlanta-based crypto firm has yet again handled record volumes in digital currency payments.
In a recent announcement from the company noted that BitPay handled over $1 billion worth of crypto payments sent to merchants and other online businesses. The amount makes up a record for the company, in what could be an indication that crypto usage for other purposes other than speculative trading is on the up.
And as the firm’s co-founder, who is also the chief executive officer, Stephen Pair said, the growing revenues from payments reflects bitcoin’s increased use as currency that solves real pain points.
For BitPay, the numbers come from its extensive use around the world as a crypto payments processor. In the last year or so, the platform has signed collaborations with several top business partners, including the U.S. state of Ohio, HackerOne, and Dish Network among others.
There is also a lot of growth around the firm’s B2B business, which has garnered greater interest from businesses due to its less costly and faster payments transfer and processing. The company has also cut on the rate of payment errors recorded over the years to a lowly one percent, which is also attractive to businesses and individuals looking to accept crypto for goods and services.
Sean Rolland, the company’s head of product noted that merchants can now accept bitcoin and transact with customers without suffering from previous issues related to client support.
Earlier this year, the processor added support for a number of stablecoins, with the aim being to increase the protection accorded to merchants via the fiat-backed tokens. More should come from the integration of BitPay services in emerging markets, including Asia and Latin America.