The year 2018 started with a bang, with all the cryptocurrencies striving to mark a new milestone in terms of price. However, this trend lasted for only a few days as all the coin came crashing down in the market towards mid-January 2018. Succeeding this, all the coins continued to crash in the market, with a majority of them losing over 90% of their value in comparison to their all-time high.
This plunge in the market had an adverse effect on several businesses in the digital currency and blockchain technology industry, with some projects shutting down altogether. The bear market also had a massive impact on major cryptocurrency exchanges, as the trade volume and the active users also witnessed a massive drop. Nonetheless, some firms such as BitPay continue to thrive even in the bear’s realm.
BitPay is a leading global blockchain payment processor and has been a key player in the industry since 2011. The company has announced that they have successfully marked a new milestone by processing over $1 billion in payments for the year 2018.
The firm has also added new customers such as HackerOne, the State of Ohio, and Dish Networks, to its list. To add on, the firm’s business to business side has also marked a new record, as it has seen a significant growth of over 255% in comparison to its previous year’s record. The reason for this is stated to be Bitcoin [BTC]’s acceptance as a means of payments in several law firms, data center providers and IT vendors.
The Co-Founder and CEO of BitPay said:
“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 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.”
Additionally, in its Series B funding round, the company raised investment from top companies such as Menlo Ventures, Delta-v Capital, Nimble Ventures, G Squared, Capital Nine, Christopher Klauss Family Office and Alvin Liu. The funding round was lead by Aquiline Capital Partners and the firm raised over $70 million in its Series B funding round.
Sean Rolland, Head of Product of BitPay said:
“The adoption of support for Payment Protocol wallets has made a big difference for our merchants. Merchants are now able to easily accept Bitcoin payments in a simple way without any support issues. This was our biggest request by our enterprise merchants.”
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