During the beginning of 2018, Bitcoin, Bitcoin Cash, and other cryptocurrencies saw significant price fluctuations. However, the fortunes of blockchain payments continue to rise. Some of the stories we collected show why that's the case.
BitPay Completes Series B Round of Funding
At the beginning of April, Forbes reported on BitPay closing our Series B funding round with $40 million dollars invested in our company.
One of our newest investors is Menlo Ventures, a VC firm that has invested in Uber, Roku, and Betterment. Tyler Sosin at Menlo explained why they invested in BitPay despite the crash in cryptocurrencies:
“We gravitated toward BitPay because we felt the company had identified a killer use for cryptocurrency in facilitating low cost payment solutions for cross-border commerce and business-to-business payments, which is a massive market poorly served by the existing payment rails.”
Blockchain Payments Help International Business in Asia
CoinDesk reported on an excellent example of blockchain cross-border payments with cosmetics company Bellatorra. Bellatorra chose BitPay last year to solve the pain points that traditional payments cause for international business. Bellatorra's success with blockchain cross-border payments has shown them the advantages of blockchain payments, with Nathan Halsey saying, "We are definitely pro-cryptocurrency as a payment option."
Want to learn more about how BitPay can help international businesses? Check out our cross-border page to learn more.
BitPay’s Chief Commercial Officer Sonny Singh Talks About the Pain Points Blockchain Payments Solve
Sonny Singh talked to Calvin Ayre's Becky Liggero last month about the reasons BitPay's fortunes do not rise and fall with the price of Bitcoin and Bitcoin Cash. We are working to solve real problems businesses face right now, despite price swings. The best example of this is BitPay helping international businesses use blockchain technology to receive cross-border payments.
BitPay's Head of Design Talks About What Sets BitPay Apart
Shortly after BitPay started in 2011, Jason Dreyzehner joined our team as a software developer. He had looked at other Bitcoin companies, but BitPay's vision appealed the most to him. Jason, now BitPay's Head of Design, believes that this vision is why BitPay is still standing. According to him,
“BitPay really understands [Bitcoin's] paradigm shift and gives total control to the user. You don’t have to be worried about if there’s going to be another big hack or if another big [B]itcoin company is going to disappear. BitPay’s model is very resistant to problems like that.”
He also talks about how BitPay makes it easy for merchants to accept blockchain payments, why BitPay loves open-source, and our plans for the Copay wallet platform in 2018.
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