Atlanta-based crypto payments facilitator, Bitpay, is recently reported to have had another record-breaking year, posting year-over-year gains of over 225% for its business-to-business offering.
Crypto Falls, Demand Climbs
The world’s first crypto payment provider, formed in 2011, was blessed with another successful year in 2018. Despite the destructive, jaw-dropping Bitcoin bear market of 2018, which saw the flagship crypto fall over 80% from its lofty peak, Bitpay managed to realize payments of upwards of $1 billion. This is the second year that the American startup, a well-respected company in the cryptosphere, surpassed the ten-digit milestone.
The sheer volume of transactions made through Bitpay’s service shows that despite the overly bearish market conditions in 2018 and 2019’s market, demand for crypto-payment solutions continues to swell at an astonishing pace.
The company’s chief executive & co-founder, Stephen Pair, a former IBM engineer, spoke on the business’s recent success:
“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 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.”
The reason for the company’s overall success in 2018 has largely been chalked up to a host of corporate clients signing up to Bitpay’s offering, allowing businesses to securely receive, process, and liquidate crypto payments.
Amongst the list of reputable I.T. and law firms, the payments provider has had their services employed by the U.S. State of Ohio. And yes, by that I mean the government itself. The so-called ‘Buckeye State’ recently emerged as the first U.S. state to accept business tax payments via Bitcoin.
Towards the end of 2018, Bitpay appointed a new head of business solution, Rolf Haag, who was previously an executive at Paypal and Western Union, spending 14 years solving global payment issues at the financial powerhouses. The company’s employee count grew a sizeable 78% in 2018, suggesting no signs of slow business, unlike many other preeminent cryptocurrency firms.
Bearish on Bitcoin, Bullish on Bitpay
Bitpay’s head of product, Sean Rolland, recently stated that the company has an acutely positive outlook pertaining to the flagship cryptocurrency:
“Bitcoin has the network effect around the world and we are still extremely bullish on bitcoin and the bitcoin ecosystem.”
While the firm is bullish on BTC, many investors are bullish on the future of Bitpay. Via a Series B funding round, the company managed to amass a total of $40 million in liquid capital, thanks to allocations from Delta-v Capital, Capital Nine, Menlo Ventures, G Squared, along with Nimble Ventures. The funding round, led by Aquiline Capital Partners, was apparently granted an extension past its initial closing date, specifically due to a notable surge in investor demand.
Bright Future For Crypto
Despite the depressive past 12 months for the crypto realm, the sheer expansion in the popularity of crypto payments would leave many fanatics feeling confident on the future of a decentralized, paradigm-shifting economy based on digital assets, like Ethereum, XRP, and the like.
As stated above, institutional investors and corporations are showing a clear, burning interest in the crypto & blockchain sector. This apparent ‘white-hot’ desire must also mean some optimists are forecasting the mass adoption of crypto, which compounds the notion of a positive future for alternative financial technology-centric solutions.
Crypto-pioneer Nick Szabo was recently reported to have stated that government-backed banks will soon be diversifying their holdings, liquidating their gold reserves to swap the “physically vulnerable” precious metal for the inherently intangible properties of Bitcoin.