{"id":20654,"date":"2019-01-17T19:47:47","date_gmt":"2019-01-17T19:47:47","guid":{"rendered":"http:\/\/ci027cfe7830112697"},"modified":"2019-01-17T19:47:47","modified_gmt":"2019-01-17T19:47:47","slug":"bitpay-sets-new-company-records-spite-crypto-bear-markets","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/technical\/bitpay-sets-new-company-records-spite-crypto-bear-markets","title":{"rendered":"BitPay Sets New Company Records, in Spite of Crypto Bear Markets"},"content":{"rendered":"
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Blockchain payment platform BitPay has announced that 2018 has been their most profitable year, having \u201cprocessed over a $1 Billion again in payments and set a new record for transaction fee revenue.\u201d<\/p>\n

In a statement<\/a>, BitPay CEO Stephen Pair said, \u201cTo process over a $1 Billion for a second year in a row despite Bitcoin\u2019s large price drop shows that Bitcoin is being used to solve real pain points around the world.\u201d <\/p>\n

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 \u201cnew customers like Dish Networks, HackerOne, and the State of Ohio.\u201d<\/p>\n

\u201cThe adoption of support for Payment Protocol wallets has made a big difference for our merchants,\u201d added Sean Rolland, head of product of BitPay. \u201cMerchants 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.\u201d<\/p>\n

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 \u201ca record for reducing payment error rates,\u201d from 8 percent to only 1 percent, as well as adding \u201csettlement support for Bitcoin Cash and stable coins from Circle, Gemini, and Paxos<\/a>.\u201d <\/p>\n

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 \u201cgrew headcount by 78in 2018\u201d and also \u201craised $40 Million in Series B funding bringing its total raised capital to over $70 Million.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cTo process over a $1 Billion for a second year in a row despite Bitcoin\u2019s large price drop shows that Bitcoin is being used to solve real pain points around the world,” says CEO Stephen Pair.<\/p>\n","protected":false},"author":2545,"featured_media":20655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[783,551,477],"class_list":{"0":"post-20654","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technical","8":"tag-bitpay","9":"tag-merchants","10":"tag-payments"},"author_data":{"id":2545,"name":"Landon Manning","nicename":"landon-manning","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/img_2749-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/bitpay-sets-new-company-records.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2545"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=20654"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/20654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/20655"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=20654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=20654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=20654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}