BitPay Sets New Company Records, in Spite of Crypto Bear Markets

Blockchain payment platform BitPay has announced that 2018 has been their most profitable year, having “processed over a $1 Billion again in payments and set a new record for transaction fee revenue.”

In a statement, BitPay CEO Stephen Pair said, “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.”

2018 was a particularly fraught year for the crypto space, as prices saw a steady decline. Nevertheless, BitPay was able to show positive expansion, which it credits in part to “new customers like Dish Networks, HackerOne, and the State of Ohio.”

“The adoption of support for Payment Protocol wallets has made a big difference for our merchants,” added Sean Rolland, head of product of BitPay. “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.”

One of the oldest, still-active companies in the space, having been founded in 2011, BitPay made upgrades to their system through 2018. It set “a record for reducing payment error rates,” from 8 percent to only 1 percent, as well as adding “settlement support for Bitcoin Cash and stable coins from Circle, Gemini, and Paxos.”

Nevertheless, the company is still primarily focused on Bitcoin, and this strategy has continued to pay out dividends despite the fluctuations of the market. At a time when crypto companies are reporting series of layoffs, BitPay both “grew headcount by 78% in 2018” and also “raised $40 Million in Series B funding bringing its total raised capital to over $70 Million.”

This article originally appeared on Bitcoin Magazine.

by Landon Manning via Bitcoin Magazine