BitPay hits $1bn in transactions for second year running

Blockchain payments provider also announces record revenues for 2018, along with an increase in staff numbers and additional cryptocurrency settlement options

17Jan

BitPay has announced it processed more than $1bn in payments in 2018 for the second year running and set a new record for transaction fee revenue.

The company added support for four additional cryptocurrency settlement options with BitPay merchants able to receive settlements in Bitcoin Cash (BCH) and three stablecoins (GUSD, USDC and PAX).

The blockchain payments provider, which was founded in 2011, added new customers in 2018 including Dish Networks, HackerOne and the State of Ohio. Last year, Ohio became the first US state to accept taxes via cryptocurrency.

The appointment of former Western Union and PayPal executive Rolf Haag as head of industry solutions responsible for the B2B business proved a shrewd move, with BitPay's B2B business announcing a record year. The unit experienced year-on-year growth of almost 255%, as a number of law firms, data center providers and IT vendors signed up to accept Bitcoin throughout the year.

BitPay co-founder and CEO Stephen Pair remarked: "To process more than a $1bn 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 also set a record for reducing payment error rates in 2018, with the dollar volume lost to cryptocurrency payment errors dropping to less than 1%, down from more than 8% in December 2017.

Sean Rolland, head of product of BitPay, explained: "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."

BitPay headcount grow dramatically in 2018, with the company now employing close to 80 employees, marking a 78% increase in staff numbers, while the company also raised $40m in Series B funding over the year. New investors included Menlo Ventures, Capital Nine, G Squared, Nimble Ventures and Delta-v Capital, as well as a number of individual investments including Internet Security Systems (ISS) founder Christopher Klauss and Tencent co-founder Alvin Liu.

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