BitPay has reportedly processed a record $1 billion in transactions this past year, marking the company’s second consecutive time hitting the billion-dollar mark in over seven years of existence.
According to a report released on January 16, the cryptocurrency payment service provider, also set a record for revenue derived from transaction fees.
According to BitPay’s CEO and co-founder, Stephen Pair, the company saw significant growth over the past year, despite a massive decline in crypto markets, because its product is “cheaper and quicker than a bank wire from most regions of the world.”
BitPay has reported that its B2B business has grown over 250 percent from 2017. Its new customers added in 2018 include TV provider Dish Networks, the online organization of security experts, HackerOne and the US state of Ohio, which allowed taxes to be paid in bitcoin back in November.
Pair, who expects Bitcoin mass adoption to come about in three to five years, suggested that the record revenue is proof of Bitcoin’s real-world usefulness. “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.”
During the past year, BitPay also secured $40 million in a Series B funding round that included Tencent co-founder Alvin Liu and the Christopher Klauss Family Office, founder of Internet Security Systems (ISS), which was acquired by IBM in 2006.
In November, BitPay’s chief commercial officer, Sonny Singh, predicted that Bitcoin’s price will soar to between $15,000 to $20,000 by the end of 2019.BitPay has reportedly added support for other cryptocurrencies, including Bitcoin Cash (BCH), and stablecoins USD Coin (USDC), such as the Gemini dollar (GUSD) and Paxos Standard (PAX). However, the service provider still plans to focus on Bitcoin. According to BitPay head of product, Sean Rolland, “Bitcoin has the network effect around the world and we are still extremely bullish on bitcoin and the bitcoin ecosystem.”