Bitpay Reports Processing Over $1 Billion Transactions in 2018

Popular cryptocurrency payment processor Bitpay has released figures showing that the company maintained strong performance during 2018, despite the downturn in the market. For example, while other ventures had to downsize recently, Bitpay’s staff increased by 78 percent from the previous year.

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B2B Business Grew Almost 255% YoY

Bitpay has announced strong performance for the payment processing platform in 2018, after more than seven years in operation. During the year, the service reportedly processed over a $1 billion in payments for a second year and set a new record for transaction fee revenue by adding new customers. The company’s B2B operation also reportedly had a record year as it grew almost 255 percent from the previous year.

“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,” said Stephen Pair, co-founder and CEO. “To process over $1 billion 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.”

The company reports that its headcount has grown by 78 percent in 2018, with new hires in the fields of engineering, support, and compliance, bringing the total close to 80 employees. Bitpay also raised $40 million in Series B funding bringing its total raised capital to over $70 million.

Over 1.5 Million BCH and BTC Wallets

The Copay wallet, Bitpay wallet, and other wallets using the company’s Bitcore Wallet Service (BWS) have reportedly sent billions of dollars in value in BCH and BTC in 2018. In total, users have created over 1.5 million wallets to date using Bitpay and Copay.

The company also reports it set a record for reducing payment error rates, with the dollar volume lost falling from over 8 percent (in December 2017) to well under 1 percent of its total dollar volume processed.

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

What do these figures show about the wider ecosystem in 2018? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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