BitPay had finally been able to process USD 1 billion in transactions in 2018, or the second consecutive year, regardless of the market drop a year ago. The company gives the credit to the increasing numbers of new customers and cryptocurrencies. It is a bitcoin payment processor company.
The organization states that it has set another record for transaction fee income as it has welcome new clients like Dish Networks and the State of Ohio. However, the company didn’t reveal its gains.
Stephen Pair, CEO of BitPay said that to process over USD 1 billion for a second consecutive year, regardless of Bitcoin’s extensive value drop, shows that Bitcoin is being utilized to as a solution for pain points across the build. Sean Rolland, another executive at BitPay, said that Bitcoin has the impacted network across the world, but the company is incredibly bullish on Bitcoin and the Bitcoin ecosystem worldwide.
One more feather in the company’s hat was when its BitPay’s B2B model went up by 255% from the earlier year. This happened as law offices, data suppliers, and IT sellers have accepted Bitcoin. The organization has additionally set a record for decreasing payment mistake rates.
Of BitPay’s overall value processed, the dollar volume lost to crypto payment errors have (claimed by the company) dropped from over 8% (in 2017) to well under 1% at present. The payment processor stays Bitcoin oriented; however, the company has developed support for Bitcoin Cash, the USD Coin, Gemini Dollar, along with Paxos Standard Token.
The company also stated that it had expanded the number of workers by 78% in 2018, which is around 80 individuals. The company has additionally brought USD 40 million up in a ‘Series B funding round’, which has taken the company’s total raised capita amount beyond USD 70 million.
As per one media report, last year (February to August), the volume of bitcoin spent every month on 17 bitcoin payments processors is somewhere from 16,500 to 20,000; however, in September it came down to around 14,500.
BitPay has also disclosed that the average estimated retail purchases made by using BTC have increased as compared to the previous year. In 2016, the average sum an individual purchaser would spend on buying anything with bitcoin was USD 107.66; while in 2017, it hit the mark of USD 347.84. And in 2018, it went to USD 682.23.
However, some part of the crypto community is still not attracting BitPay. There are many causes of this.
Back in August 2017, BitPay agreed to the New York Arrangement, which was designed to put a conclusion to Bitcoin’s debate by expanding the block limit and after that is doubling the size of the block. But, most of the Bitcoin maximalists declined to sign this.