Bitcoin has shed a significant part of its value since the end of last year, falling to approximately $6,500 at the moment of writing. The current situation appears to be beneficial for BitPay, the bitcoin payment processor, which reported processing over $1 billion in payments in 2017. Now the company is planning to expand its activity as the customers continue to show increased interest.
At the beginning of April the company finished its B funding round raising $40 million. The total capital of the company is now estimated at 70 million. Stephen Pair, The CEO of BitPay, stated that the demand for the product is obvious and that this fact encouraged the new investors to join in. He stated:
“BitPay had a record 2017 as we processed over $1 Billion in bitcoin payments. We brought on these new investors who can help BitPay scale globally to meet customer demand.”
Forbes reports that Asian users played a major role in BitPay’s explosive growth, although the region is known for its strict legislation concerning cryptocurrencies and ICOs. However, the Asian users seem to have confidence in the company. BitPay’s CEO said:
“Bitcoin is increasingly popular in Asia-Pacific and we see huge potential for cross-border payments. Using the Bitcoin network, we can enable businesses to have invoices paid in one day for a fee that is less than traditional banks. We also see huge growth in wallet adoption for consumers who are now looking to spend Bitcoin for Purchases.”
The company is going to further concentrate on improving cross-border payments, as it has already signed a contract with South Korea’s major exchange, Bithumb.
“The partnership with Bithumb … can lead to dramatic cost savings,” claimed BitPay’s chief commercial officer.
BitPay’s impressive growth and the expanding Lightning Network are the positive developments that will undoubtedly promote Bitcoin’s further adoption.