BitPay Exceeds $1 Billion in Crypto Payments for Second Consecutive Year

BitPay Exceeds $1 Billion in Crypto Payments for Second Consecutive Year

Cryptocurrency payment processor BitPay says it has exceeded $1 billion in transactions for a second consecutive year.

In November last year, the U.S. state of Ohio became the first U.S. to accept Bitcoin BTC, 0.08% for tax payments. The program, which is enabled through a partnership with BitPay, allows businesses to pay 23 different taxes with BTC.

Apart from the State of Ohio, BitPay mentions satellite TV provider Dish Networks and bug bounty platform HackerOne as notable new clients acquired in 2018.

BitPay CEO Stephen Pair commented:

“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 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.”

Bitpay increased their staff by 78% in 2018, and now has almost 80 employees. The cryptocurrency bear market has forced many crypto and blockchain companies to lay off employees in late 2018, and it will be interesting to see if BitPay can keep expanding in 2019 as well.

In 2018, an additional $40 million in capital was raised by the company through a Series B funding round, bringing the total amount of capital raised by BitPay to $70 million.

Through BitPay, users can pay for goods and services on supported sites with either Bitcoin BTC, 0.08% or Bitcoin Cash BCH, 0.94%. Merchants can choose to have their payments settled in the form of BTC, BCH, fiat currency or the Paxos Standard PAX, -0.02%, USD Coin USDC, -0.10% and Gemini Dollar GUSD, 0.41% stablecoins.