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BitPay Says Over $1 Billion In Payments Processed In 2018


Bitcoin payment processor BitPay said over $1 billion in payments was processed on the platform in 2018. It also added customers like Dish Networks, HackerOne, and the State of Ohio during the year.

BitPay's B2B business recorded a surge of almost 255 percent from the previous year as many law firms, data center providers, and IT vendors signed up to accept Bitcoin. It also also hired Rolf Haag, Former Western Union and PayPal executive as Head of Industry Solutions responsible for the B2B business.

While BitPay still remains focused on Bitcoin (BTC) for executing payment transactions, it recently added settlement support for Bitcoin Cash (BCH) and stablecoins USD Coin (USDC) from Circle, Gemini dollar (GUSD) from Gemini and Paxos Standard (PAX from Paxos.

Additionally, the Copay wallet, BitPay wallet, and other wallets using BitPay's Bitcore Wallet Service (BWS) have sent billions of dollars in value in BTC and BCH in 2018. Users have created over 1.5 million wallets to date using BitPay and Copay.

BitPay raised $40 million in Series B funding in April, bringing its total raised capital to over $70 million. New investors in BitPay include Menlo Ventures, Capital Nine, G Squared, Nimble Ventures and Delta-v Capital.

BitPay was granted BitLicense, the license of virtual currency activities, by the New York Department of Financial Services (NYDFS) in mid-July to facilitate payment in Bitcoin between merchants and consumers in the State of New York.

BitPay is the first blockchain payment processor and the first non-exchange to secure a virtual currency license from the NYDFS.

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