The Bears Lost: BitPay Processed $1 Billion in Crypto Payments in 2018
Over the past year, BTC has lost more than 70% of its value. Most of the altcoins also fell by 90% or even more. But this did not prevent the BitPay from processing $1 billion in cryptocurrency transactions.
BitPay is one of the largest cryptocurrency processing centers in the world. The company has been working for 7 years on the crypto market. During this time, BitPay managed to grow into a global network, and by 2017 the company set a record for the number of processed payments. At that time it managed to conduct transactions worth $1 billion. In 2018, BitPay repeated the record, despite the prolonged fall in cryptocurrencies prices.
“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,” said Stephen Pair, Co-founder, and CEO of BitPay.
In addition, in 2018, BitPay managed to significantly reduce the number of erroneous payments. If in 2017, the company lost 8% of all payments due to errors, then last year this figure fell to only 1%.
BitPay also expanded the list of cryptocurrencies. In 2018, the company began accepting Bitcoin Cash, and three stablecoins: Circle, Gemini, and Paxos. Although BitPay claims that Bitcoin is still playing the key role.
Last year also was excellent for raising money. In 2018, BitPay managed to raise $40 million of investments, which pushed the company's total capital to $70 million mark.