Bitpay Sprints Towards Processing $1B Bitcoin Payments Annually

The global bitcoin payment service provider, Bitpay, has released a progress report that details the company’s payment volume has grown exponentially this year by 328 percent. The Atlanta-based company founded in 2011 says it’s steadily approaching US$1B in bitcoin payments processed annually.

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Bitpay’s Payment Volume Has Grown 328% Since Last Year

Bitcoin has had a phenomenal year in 2017 creating many milestones and the startup Bitpay is breaking records this year as well. The business created by Stephen Pair and Tony Gallippi started six years ago, and since then the company has become the largest bitcoin payment provider globally.

“We’ve seen major growth this year,” explains Bitpay. “We’re now on pace to process over $1B annually in bitcoin payment acceptance and payouts, and we’ve already grown our payments dollar volume 328% year-over-year from 2016.”

The Bitcoin Payment Service Provider Sees Exponential Merchant Growth in the U.S. and Abroad

Bitpay also says they have seen a lot of growth in bitcoin spending. According to the company’s merchant-base, the startup’s “merchants are receiving $110M+ in bitcoin payments per month.” For instance, the precious metals brokerage JM Bullion processed roughly $4M in BTC sales in June. Alongside this, the popular electronics shop Newegg doubled its bitcoin sales says Bitpay and a lot of merchants are seeing $1M a month in bitcoin revenue.

The company’s report explains that the U.S. and Europe are the showing significant growth when it comes to bitcoin payments. In Latin America, the firm has seen bitcoin payment transactions double since August of 2016. Bitpay is also seeing a lot of merchants stemming from the Asia-Pacific region which is starting to cover a good portion of the company’s monthly transactions. Through partnerships in Asia, Latin America, and Europe with companies like Asiapay, PPRO, Paysafe, and Payu the firm has seen considerable international growth.

An Increase In Luxury Purchases and Real Estate

Bitpay explains they see a massive influx of real estate and luxury purchases in bitcoin as well.

“In 2017 we’ve focused closely on bringing bitcoin’s value to bear on the problems of high-value payments, which are often subject to slow bank transfer times or high processing fees and fraud rates with credit cards,” Bitpay reveals. To that end, we’ve on-boarded several real estate companies and processed several 6- and 7-figure real estate purchases this year.

But perhaps our favorite story came from one buyer to whom bitcoin not only gave back time – the bitcoin payment cleared in one hour instead of the several days for a traditional bank transfer – but also enough money to buy a new sportscar.

What do you think about Bitpay’s growth in 2017? Do you think the payment provider’s services are pushing bitcoin adoption higher? Let us know in the comments below.

Images via Shutterstock, and Bitpay.

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