Atlanta, Georgia-based bitcoin payments processor Bitpay, has revealed that it processes $1 million worth of bitcoin each day. Bitpay processes dealings for over 30,000 merchants, making it one of the largest bitcoin payment processing platforms.
Bitpay Processes Millions
Bitpay is usually compared to being the Paypal of bitcoin, allowing transactions in the digital currency to be converted into cash. Merchants that utilize Bitpay sometimes keep a portion of their earned bitcoins, and exchange the rest into local fiat currency.
Some of the company’s clientele include Virgin Galactic, Zynga, TigerDirect, WordPress and Shopify.
The beauty about Bitpay is that it allows businesses to accept bitcoin transactions without doing any work. Bitcoins are accepted, then stored or exchanged based on a businesses preferences.
Just last year alone, Bitpay has processed nearly $110 million in the digital currency. It is expected that the company will triple that number by the end of 2014. Additionally, Bitpay hopes to have a total of 100,000 merchants under its belt by the end of this year.
Bitpay’s vision to become the premiere bitcoin payments processor is well within reach. Just last week, Euro Pacific Precious Metals began accepting bitcoin payments with the help of Bitpay.
Director of Marketing at Euro Pacific Precious Metals, Michael Finger stated:
“Not only does BitPay’s service make business sense, but we are excited about giving owners of bitcoin the opportunity to inexpensively and reliably convert any excess holdings into precious metals rather than back to fiat currency.”
CEO of Bitpay, Tony Gallippi, showed his excitement for signing the precious metals company, saying that Bitpay is honored to take part in a globally established enterprise such as Euro Pacific.
In addition to its new partnership, Bitpay raised over $30 million during their Series A funding round. The funding round was led by Index Ventures, and is Bitpay’s most successful fund to this day.
Bitpay allows companies a quick and hassle-free way into the digital currency community.