Last updated on October 30th, 2013 at 03:45 pm
BitPay has processed its largest Bitcoin merchant transaction ever: a massive single order of $1 million for the mining hardware manufacturer Butterfly Labs, based in Kansas City.
Despite the size of the transaction, “BitPay processed, cleared, and settled it within their normal one business day time frame directly to Butterfly Labs’ bank account”, states a press release. According to Coindesk, at the current exchange rate, this means the platform processed more than 5,200 BTC from an order received by Butterfly Labs.
Tony Gallippi, co-founder and CEO of BitPay, said that “the speed, reliability, and certainty of payments over the Bitcoin network is expanding at a rapid pace, and in many regards has already surpassed the functionality of our 60-year old credit card networks. Butterfly Labs can now ship this merchandise with confidence that there will be no reversibility or chargeback of the payment, which is a significant risk when accepting credit cards online or PayPal”.