BitPay Had Record Revenues in 2018 on the Back of $1 Billion in Transactions
Cryptocurrency payment processor BitPay, which was founded in 2011, had a record year for revenue in 2018, as the company’s B2C and B2B operations grew substantially.
— BitPay (@BitPay) January 16, 2019
According to a recent announcement, BitPay processed over $1 billion in payments in 2018, setting a new record for transaction fees thanks to the addition of new customers including Dish Networks, HackerOne and the state of Ohio.
“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,” said BitPay CEO Stephen Pair. “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.”
Despite the ongoing bear market, BitPay says its B2B business grew almost 255% from the previous year as many law firms, data center providers, and IT vendors signed up to accept Bitcoin, according to the company.
BitPay also closed its $70 million Series B fundraising round in 2018, which brought investments from notable firms including Menlo Ventures, Capital Nine, G Squared and Nimble Ventures. BitPay’s staff grew by 78% in 2018 and they now have close to 80 employees.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.