Popular cryptocurrency payment processor Bitpay has released figures showing that the company maintained strong performance during 2018, despite the downturn in the market. For example, while other ventures had to downsize recently, Bitpay’s staff increased by 78 percent from the previous year.
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B2B Business Grew Almost 255% YoY
Bitpay has announced strong performance for the payment processing platform in 2018, after more than seven years in operation. During the year, the service reportedly processed over a $1 billion in payments for a second year and set a new record for transaction fee revenue by adding new customers. The company’s B2B operation also reportedly had a record year as it grew almost 255 percent from the previous year.
“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,” said Stephen Pair, co-founder and CEO. “To process over $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.”
The company reports that its headcount has grown by 78 percent in 2018, with new hires in the fields of engineering, support, and compliance, bringing the total close to 80 employees. Bitpay also raised $40 million in Series B funding bringing its total raised capital to over $70 million.
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