Everything seems to be going well for Atlanta, Georgia based bitcoin payment processor BitPay. The company reported a week ago (May 21, 2014) that Englishman and billionaire Sir Richard Charles Nicholas Branson injected $30 million dollars in the startup that will help create over 70 jobs in the upcoming months. The good news keep coming as they now reporting that BitPay is processing an average of $1 million dollars every day in Bitcoin transactions.
Bitcoin Payment Processor BitPay
BitPay is the second bitcoin payment processor behind coinbase in valumes and transactions. According to information obtain from Anthony Gallippi, co-founder and CEO of BitPay – 30,000 businesses and organisations are being served by the startup company daily. Some of their biggest clients include: Zynga, Virgin Galactic, WordPress, Gyft, Shopify and TigerDirect.
What is a Bitcoin Payment Processor?
A bitcoin payment processor allows merchants, businesses, stores and individuals to accept bitcoins without having to handle any bitcoins or the bitcoin transactions themselves. The bitcoin then converted into fiat. Paypal is a perfect example of this. Paypal lets people and businesses send and receive money using their payment gateway for a fee using credit cards, check cards and checks. BitPay is the bitcoin version of payment but the currency is completely virtual.
Related: Overstock Made $1.6 Million Worth in Bitcoin Sales
BitPay Bitcoin Processing in Numbers
BitPay is doing an amazing job as the front runner in the bitcoin payments processiong business. Last year, BitPay only processed 10,000 bitcoin transactions comparing to 30,000 this year. This a 200%+ increase over a year period! Nice isn’t it? That’s $110m worth of bitcoin processing, which is projected to triple by year end.
BitPay made some changes a couple months ago moving Stephen Pair to the CEO position and former CEO Tony Gallippi acts as Executive Chairman. BitPay now has offices in Amsterdam, Buenos Aires and San Francisco. Current investors include: Sir Richard Branson, PayPal founder Peter Thiel and AME Cloud Ventures, helmed by Yahoo founder Jerry Yang. Do you use bitcoin payment processor BitPay? What is your experience with them?