BitPay processed over $1 Billion in crypto last year

U.S. crypto payments processor BitPay says it processed over $1 billion-worth of transactions last year.

Announcing the news earlier in the week, this is the second consecutive time it’s reached the billion-dollar mark in its over seven years of existence.

“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,” said Stephen Pair, BitPay co-founder and CEO.

In 2018, BitPay processed over a $1 Billion again in payments and set a new record for transaction fee revenue by adding new customers like Dish Networks, HackerOne, and the State of Ohio. BitPay’s B2B business also had a record year as it grew almost 255% from the previous year as many law firms, data centre providers, and IT vendors signed up to accept Bitcoin.

BitPay also hired Rolf Haag, Former Western Union and PayPal executive as Head of Industry Solutions responsible for the B2B business.

Stephen Pair explained: “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.”

BitPay also added settlement support for Bitcoin Cash and stable coins from Circle, Gemini, and Paxos. However, the company says it still remains laser focused on Bitcoin.

“Bitcoin has the network effect around the world and we are still extremely bullish on bitcoin and the bitcoin ecosystem,” said BitPay head of product Sean Rolland.

During the year, BitPay also raised $40 million in a Series B round, bringing its total capital raised so far to over $70 million.