BitPay CEO Claims Bitcoin (BTC) Prevails Despite the Bear Market
Located in Atlanta, Georgia (US), BitPay represents a valuable player in the sector of processing payments with a focus on cryptocurrency and blockchain, operating since 2011 with approximately 80 employees.
Successful operations of BitPay were naturally driven by the famous Bitcoin Boom, following a major upward trend back at the end of 2017 and the beginning of 2018 when the majority of trading digital assets went up to touch record prices.
Back in December 2017, Bitcoin reached 20,000$ making numerous overnight millionaires that got rich by making a smart move before the market touched its peak, however, the top cryptocurrency soon started to plummet with the rest of the market which took around -90% of the total value of cryptocurrency market in the course of a year.
Many businesses related to cryptocurrency, including mining companies and small and medium-sized group of miners were forced to leave the industry conditioned with the bad performance of the cryptos in the market.
However, many crypto-focused businesses like BitPay or Binance for example, are said to be thriving despite the bear market.
BitPay Gets Past 1 Billion Payments Milestone for 2018
Even though many companies focused on operating with cryptocurrencies are closing due to the rough market trends in the sector of digital assets, BitPay company claims that they are running a successful business while nurturing the growth of the company.
According to the co-founder and CEO of BitPay, Stephen Pair, claims that their B2B business is growing as BitPay is able to offer solutions that are cost-effective and more efficient in oppose to the traditional payment processing services offered by financial institutions and banks.
Pair further concluded that since the company managed to achieve the milestone of processing 1 billion transactions second year in a row that Bitcoin is used for solving problems despite the state in the market and the present price of BTC.
Moreover, BitPay made quite promising partnerships with Dish Networks, State of Ohio and more, also stating that the company has made a 225% of growth since the last year.
BitPay also had a Series B funding round where they managed to collect around 70 million dollars from different companies while the funding round was led by Aquiline Capital Partners.
Bitcoin Adoption Appears Not to Be Suffering Despite the Bear Market
The Head of Products at BitPay, Sean Rolland, stated that the adoption and support of their Payment protocol is making a major difference with their merchants, as all merchants are enabled to easily accept payments in form of BTC without support issues.
As Rolland concluded this Payment Protocol was the biggest request they received from their enterprise merchants.
In the meanwhile, Binance, a leading cryptocurrency exchange is also recording accelerated growth, also claiming that Bitcoin demand prevails despite the prolonged downfall in the market.
Changpeng Zhao from Binance also said in one of his interviews back from the end of 2018 and the beginning of 2019 that he is convinced that Bitcoin will meet its rebound, claiming that he is not sure when or how, but confirming his certainty.