Crypto payment processor BitPay has confirmed it processed in excess of $1 billion of bitcoin transaction in 2018. This reflects a growing real-world usage of the cryptocurrency in payment settings. The figures also represent the second consecutive year of handling over $1 billion in volume. The remarkable announcement came despite the decline in bitcoin prices over the period.
Co-founder and CEO Stephen Pair said the milestone shows that bitcoin continues to be increasingly favoured for payments.
“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.”
Business-to-business growth for the firm came in at 255% on the year. Clients included IT firms, data centers and even law firms onboarding BitPay technology for accepting payment in bitcoin and other cryptocurrencies.
Notable clients in 2018 included TV firm Dish Networks. The state of Ohio also became the first US state to accept bitcoin as a valid form of payment for taxation.
While BitPay remains focused on its core BTC market, the firm has also reported an uptick in interest in other cryptocurrencies. These include bitcoin cash, Paxos and Gemini.
Head of product at BitPay Sean Rolland said the firm was still incredibly positive about the bitcoin payments ecosystem, both in the short and long term view.
“Bitcoin has the network effect around the world and we are still extremely bullish on bitcoin and the bitcoin ecosystem.”
The news comes following the latest funding round at BitPay. The firm secured some $40 million in Series B funding from investors, to reach a total of $70 million raised.
BitPay expects this level of growth to continue through 2019 and beyond. This is especially with a growing number of merchants and consumers preferring bitcoin and crypto payments to fiat systems.
The annual volumes of $1 billion is now looking more stable after the second consecutive year, arguably more so in light of the decline in price. Consequently, BitPay has its sights set on further expanding the reach and availability of its merchant payment solutions worldwide.