BitPay Processed $1B Crypto Payments In 2018

BitPay is seen as a global leader when it comes to being a blockchain payments provider. Now, it has recently announced a milestone, which suggests the U.S.-based company processed about $1 billion worth of transactions in 2018. Here is everything about it in a nutshell.

$1 Billion In Payments

According to the official report, the cryptocurrency payments company managed to process over $1 billion in payments last year. This subsequently helped in setting a brand new record in terms of transaction fee revenue, which specifically added new customers. The latter saw the inclusion of HackerOne, Dish Networks, and the State of Ohio, just to name a few.

BitPay is all about handling B2B or business to business transactions. Interestingly, it was also successful in setting a record year after it grew more than 255 percent from the previous year. This narrative skyrocketed as soon as businesses like IT vendors, data center providers, and law firms, among many others, decided to sign up.

It is worth noting that the world’s leader in blockchain payments hired the former Western Union and PayPal executive named Rolf Haag. The decision to do so was to make the latter the company’s very own Head of Industry Solutions and, thus, responsible for all B2B businesses.

Providing Cheaper, Quicker Solutions

According to Stephen Pair, who is the Co-founder and CEO of BitPay, their business continues to grow by simply providing customers with a solution. And unlike its contemporaries, it is much cheaper and quicker. It holds true that the company’s methods are far better than using bank wire, which is a conventional method many companies across the world utilize.

Last year, the company was able to set a record for significantly reducing error rates in terms of payments. For instance, the dollar volume lost to digital currency payment errors, which greatly plummeted from around eight percent in December 2017 to a whopping one percent of the company’s overall dollar volume processed.

This is all possible thanks to BitPay’s adoption of support meant for its Payment Protocol wallets. In its words, this has made a huge difference for their merchants and/or customers. Sean Rolland, the Head of Product of the company, said that their clients now have the ability to easily accept Bitcoin payments in the simplest way – and this is done without the burden of facing support issues. Rolland added that this, in particular, became the biggest request from their community of enterprise merchants.