BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced its 10th birthday. Founded in June 2011, while Bitcoin was still in its infancy, BitPay wanted to make it easy for businesses to accept bitcoin payments and grew into the largest bitcoin payment processor in the world. Serving industry-leading businesses globally and supporting hundreds of thousands of crypto users, BitPay works with Microsoft, ATT, WeWork, Camping World, Newegg and Jomashop.com and processed over $5 billion in payments volumes since inception and for tens of thousands of businesses worldwide.
“BitPay sees a different future for payments and is building blockchain based payment technology solutions to transform how businesses and people send, receive, and store money around the world,” said Stephen Pair, co-founder and CEO of BitPay. “Ten years ago, we saw the potential for bitcoin to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. Now, we support 11 different cryptos and users can make crypto payments using any crypto wallet.”
Bitcoin usage increased exponentially because it disrupted traditional financial systems. The ability to accept cryptocurrency expands a business’ sales opportunity into international markets where accepting traditional credit cards is not practical while also reducing high fees and increasing payment transparency and efficiency.
Since its founding 10 years ago, BitPay has led the industry to evolve and new innovations to make it easy for businesses and consumers to support crypto, including:
- The release of bitpay.com, the first merchant to sign up and complete a transaction in Bitcoin adding WordPress as BitPay’s first established merchant
- BitPay’s payment processing service, online integration and email billing, enables businesses to accept crypto and receive settlement of the next business without price volatility or risk to the business.
- Record breaking $30 million series A with investors such as Index Ventures, Founders Fund, Felicis Ventures, RRE Ventures and Sir Richard Branson
- The release of the BitPay app, a full-featured wallet app for securely storing and spending bitcoin
- Close $40 Million extended Series B funding round, which brings its total raised capital to over $70 Million with new investors Aquiline Capital Partners, Menlo Ventures, Capital Nine, G Squared, Nimble Ventures (an affiliate of Passport Capital) and Delta-v Capital as well as individual investments from Christopher Klauss Family Office, Founder of Internet Security Systems (ISS) and Alvin Liu, Co-founder of Tencent
- Expansion of supported coins to include BCH, ETH, XRP, DOGE, DAI, WBTC and stable coins USDC, GUSD, PAX and BUSD in addition to BTC
- Introduces the BitPay Card, the first Mastercard® Prepaid card for crypto users in the United States where customers can instantly turn crypto into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted
- Adds Apple WalletTM for US cardholders of the BitPay Prepaid Mastercard can with support for Google Pay and Samsung Pay coming
- Quantifies the benefits to new businesses with Forrester Consulting on a study entitled “The Total Economic Impact™ Of Accepting Bitcoin Using BitPay” revealing up to 40% of customers that pay with crypto are new to the merchant, purchase amounts are twice that of credit card purchases, crypto is less expensive than card cards and there are no fraud-related chargebacks
- BitPay Send, a new mass payout service enables organizations of all sizes to pay employees, affiliates, customers, vendors, contractors and others with crypto
The future for crypto is bright and BitPay continues to be on the forefront of blockchain technology, creating tools and services to extend adoption for everyone to use crypto in innovative new ways.