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Best Coin Exchange » $1 Million in Bitcoin Payments Processed Every Day by BitPay

$1 Million in Bitcoin Payments Processed Every Day by BitPay

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Carlyle Alberico on May 28, 2014 - 9:46 pm in News

Bitcoin payments processor BitPay has exposed that it is now processing an average of $1m worth of cryptocurrency payments every day.

Currently two most popular bitcoin processors on the marker are Coinbase and BitPay. More than 30,000 businesses and organisations use the service provided by BitPay. The company has some well known names in its clients list, such as: WordPress, Zynga, Shopify, Gyft and many more.

Basically what bitcoin payments processors do is quite straightforward – they enable merchants to accept bitcoin without the need to handle bitcoin completely, because all the transactions are being converted to fiat currency. Working like that means that merchants do not need to face the risks of bitcoin, specifically wallet security and fluctuation.

This kind of approach is obviously appealing to the merchants as the company accumulated 30,000 merchants in just nine months, while it only had 10,000 last year.

$110m worth of bitcoin payments was processed by BitPay last year, they presume to process three times more this year. The company is anticipating to have around 100,000 merchants using their service by the end of this year.

BitPay has successfully closed a $30m worth of funding deal earlier this month, which set a record in bitcoin company funding. However, even before this ground-breaking funding round, the company started expanding vastly by opening three new offices.

A change in leadership was announced recently as well. Stephen Pair got promoted to CEO, and previous CEO Tony Gallipi is now Executive Chairman.

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