Despite cryptocurrency prices steadily declining throughout 2018 caught in a bear market, BitPay was able to generate record revenues during the year.
The company secured Series B funding, added more customers and supported new cryptocurrencies in 2018. During the year, the company handled over $1 billion in transactions.
Reaching New Heights in the Year
BitPay, the largest global blockchain payments provider in the world, announced today that 2018 was a record year for the company. It resulted in the highest transaction fee revenues ever, coupled with an expansion of its payments processing platform.
The company processed more than $1 billion in payments for the year again. It also added several new customers like HackerOne, Dish Networks and even the State of Ohio.
The company’s B2B business has thrived in the last year, growing 255% from 2017 as it signed up several IT vendors, data center providers, and law firms to accept Bitcoin.
The B2B wing was also enriched with the hiring of former Western Union and PayPal executive Rolf Haag, who joined as the head of industry solutions for this part of the business.
BitPay co-founder and CEO Stephen Pair noted that BitPay’s B2B business solutions are growing as they are quicker and cheaper than bank wire services in most places across the globe.
He further stated:
“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.”
Despite the bearish crypto market, the company’s headcount grew by 78% last year.
The steep price decline of Bitcoin didn’t stop the firm from raising $40 million in Series B funding led by Aquiline Capital Partners, Menlo Ventures, Nimble Ventures, Capital Nine, G Squared and others.
Chinese internet giant Tencent’s co-founder Alvin Liu also participated in the fundraiser along with Internet Security Systems (ISS) founder Christopher Klauss Family Office.
Bitpay’s Upward Mobility in the Crypto Sector
In 2018, the company also set a new record for reducing payment error rates, with only 1% of the dollar volume lost, compared to 8% in 2017.
BitPay’s head of product Sean Rolland noted:
“The adoption of support for Payment Protocol wallets has made a big difference for our merchants.”
He further stated:
“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.”
The company also added settlement support for stablecoins released by Gemini, Paxos, and Circle last year, as well as Bitcoin Cash. Rolland spoke about their focus on Bitcoin, saying:
“Bitcoin has the network effect around the world, and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem.”
BitPay wallet and Copay wallet played a major role in boosting adoption amongst users, along with Bitcore Wallet Service (BWS) from the firm which processed billions of dollars in BTC and BCH transactions in 2018.
BitPay and Copay together have more than 1.5 million wallets for users. BitPay wallet also added integrations with some major gift card brands.