Blockchain-based payments provider Bitpay announced that it has processed over $1 billion in payments in 2018.
The company’s business expansion by adding clients including Dish Networks, HackerOne, and the State of Ohio has contributed to the annual surge in transactions. In addition, it’s B2B business also had a record year with a 225 percent revenue increase from previous year, as many law firms, data center providers, and IT vendors signed up to accept Bitcoin.
Commenting on this development, Stephen Pair, co-founder and CEO of BitPay, said: “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 $1 Billion for the 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 also claimed, that last year, it significantly reduced payment errors as the dollar volume lost in cryptocurrency payment errors dropped from eight percent to less than one percent.
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“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,” said Sean Rolland, head of product of BitPay.
Going Beyond Bitcoin
Moreover, in a time when the bear market is forcing many major blockchain players to cut short their resources, Bitpay increased its manpower by 78 percent in 2018.
The company also attracted a lot of investors, both venture capitals and angel investors, as last year it raised $40 million in Series B funding round taking the total raised capital to $70 million.
Bitpay also acquired the so-called Virtual Currency License by the New York State Department of Financial Services (NYDFS) last year, which allows it to operate its cryptocurrency business from the state legally.