BitPay, a cryptocurrency payment provider, processed $1 billion in bitcoin and crypto payments in 2018.
Despite the slump in bitcoin price, BitPay topped the $1 billion figure for the second year running. The company also reported a new record for transaction fee revenue.
In a press release, BitPay’s co-founder and 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.”
It seems the bear market hasn’t killed demand for real-world cryptocurrency payments.
What is BitPay?
BitPay is a bitcoin payment processor, allowing businesses and vendors to accept cryptocurrency around the world. BitPay facilitates crypto payments in stores, online, and via email billing.
BitPay is rooted in bitcoin payments, but also supports Bitcoin Cash and stable coins from Circle, Gemini, and Paxos. Further, the company operates a business-to-business (B2B) service.
Helping Ohioans pay tax in bitcoin
BitPay made headlines earlier this year by partnering with the State of Ohio. The integration allows businesses to pay taxes in bitcoin, with support for individual taxpayers to follow.
The partnership helped propel BitPay’s B2B service to 255% growth last year. Additional customers include law firms, data center providers, and IT vendors.
“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,” Pair said.