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In this January edition of Cryptie, we’ve decided to revisit 2020 in review for BitPay. Despite the year-long rollercoaster for the world, one thing has remained certain: Cryptocurrency remains at the forefront of the future of finance. On January 1, 2020, Bitcoin (BTC) opened at US $ 7,194.89. Three hundred and sixty-five days later, that value almost quadrupled to $ 29.01.72 at the end of December 31, 2020. We believe 2021 will be the year when crypto is widely adopted not just for speculation, but also for payments and other utilities. We expect improved regulations and companies like Square and PayPal to make crypto an accepted form of payment globally.
In this problem:
Key BitPay Achievements in 2020
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BitPay has filed documents with the United States Office of the Comptroller of the Currency (OCC) to create a national bank named BitPay National Trust Bank.
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In November 2020, BitPay was ranked 341 on Deloitte Technology Fast 500 ™, a ranking of the fastest growing technology, media, telecommunications, life sciences and energy technology companies in North America. The same month, BitPay was selected as a finalist for Red Herring’s Top 100 in North America Award, one of the most prestigious awards in the technology industry.
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BitPay made it to the Inc. 5000 list for 2020, demonstrating strong annual growth for three consecutive years. Learn more here.
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Frost & Sullivan, a leading market research and consulting firm, recognized BitPay as the Alternative Payments Company of the Year.
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BitPay has been honored with the Award for the best alternative payment solution. of the CNP Summit. Each year, the CNP Awards are the only awards competition rewarding companies, programs and solutions that have distinguished themselves in the card space not present throughout the year.
New product (s) and services from BitPay
- Earlier this year, BitPay extended options to enable payment of all BitPay bills from any Bitcoin wallet or exchange. Then came BitPay Send – our new mass payment service that allows organizations to pay their employees, affiliates, customers, suppliers, contractors and more with cryptocurrency. Learn more about BitPay Send on our website or contact our sales department directly.
- BitPay launched our very first Prepaid Mastercard in the US which can be loaded with dollars converted from cryptocurrency. With instant card reloads, no conversion fees *, a daily load and spend limit of $ 10,000 and the ability to spend in millions of locations around the world, the new BitPay card will let you live your life. on crypto.
- BitPay extended its partnership with Coinbase in 2020. Coinbase customers can now spend their bitcoin, USD coins, ethereum, and other blockchain-based payment systems at BitPay-enabled merchants, without paying any fees or incurring any charges. latency. To find out more, you can read about it here.
How BitPay was the industry leader
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Stephen Pair, co-founder and CEO of BitPay recently gave an interview to the popular industry podcast “Leaders in Payments”. You can Listen to the podcast here.
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Bill Zielke, director of marketing for BitPay, made an appearance on PayPod: The Payments and Fintech Podcast, speaking about the mechanisms that allow merchants to accept crypto as a form of payment. Listen now.
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Eden Doniger, General Counsel and Chief Compliance Officer of BitPay, was part of an international panel of global FinTech, commerce and payments professionals to discuss the latest trends and developments in the industry. Watch the replay here.
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A commissioned study for BitPay from Forrester Research confirmed in writing what merchants are already discovering in real practice: among many other benefits
BitPay 2020 numbers at a glance
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BitPay’s wallet now has over 3 million users worldwide, and as of December 2020, it had almost 100,000 new users in Nigeria alone.
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Almost 33,000 global merchants registered with BitPay in 2020, with the main countries being the United States, Nigeria, United Kingdom, Canada and Germany. Major industries included apparel / fashion, software / computer engineering, retail, marketing / advertising / sales, and VPN hosting.
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40% of BitPay merchant sales were net new customers, and these customers also had order size on average twice that of a credit card.
Latest Industry News
BTC now has a market cap of $ 525 million, making it the 5th largest currency in the world (behind USD, EUR, CNY and JPY). Ethereum now has a market cap of $ 80 billion, so BitPay merchants now have access to over $ 600 billion in market capitalization spending globally. BitPay also supports Bitcoin Cash and 4 stablecoins. Here are some other interesting developments in space:
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The SEC and Ripple are in a lawsuit over XRP being ruled as a security. Meanwhile, BitPay has decided to suspend XRP payments for BitPay merchants.
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PayPal Holdings, Inc. announced the launch a new service allowing its customers to buy, hold and sell cryptocurrencies directly from their PayPal account. This means that over 300 million PayPal and Venmo wallets now have easy access to crypto.
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Coinbase plans to go public in the first quarter – We believe this IPO will be a huge success and bring more media attention to crypto and encourage more brokerage firms to allow crypto trading.
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Square bought $ 50 million in Bitcoin, which represented 1% of their total assets at the end of the second quarter of 2020. Microstrategy Inc. followed suit by buying a similar amount later in the year, bringing the total value of their BTC cash to over $ 2 billion.
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