BitPay is a bitcoin payment service provider based in Atlanta, Georgia, United States. It was founded in May 2011 by Tony Gallippi and Stephen Pair. BitPay provides Bitcoin and Bitcoin Cash payment services for merchants.
BitPay was first set up in 2011 to provide mobile cashier services to companies that wanted to adopt bitcoins. By October 2012, BitPay has grown to 1,100 active merchants, including a WordPress bitcoin merchant.
BitPay announced in January 2013 that it will move its headquarters to Atlanta, Georgia from its previous site in Orlando, Florida. This step was followed by the announcement that the company had secured $ 510,000 for seed funding. According to the co-founder of the company, the city of Atlanta was chosen because of the number of fintech companies in Georgia.
In May 2013, BitPay announced that they had earned $ 2 million through the Founders’ Fund.
In September 2013, the company announced a milestone of 10,000 merchants. Gallippi said they had processed over $ 34 million since the company was set up, equivalent to 270,830 bitcoins in the Bitcoin Price index at the time.
In 2014, BitPay expanded its North American presence outside its headquarters in Atlanta, opening offices in New York, San Francisco and St. Petersburg, Florida. BitPay’s European headquarters were opened in Amsterdam and their headquarters in South America were opened in Argentina.
In January, at CES 2014, BitPay announced that 12,000 merchants have joined the service. D Las Vegas and the Golden Gate Hotel and Casino have announced that BitPay will be used as a selected Bitcoin dealer in Las Vegas. They were two of the first casinos in Las Vegas to receive Bitcoin.
Shortly after CES 2014, the NBA basketball team at Sacramento Kings announced that it would become the first major sports franchise in North America to accept Bitcoin as a method of paying for tickets and merchandise and will be processed by BitPay.
In the same month, it was announced that Zynga would also begin receiving Bitcoin, with BitPay as his merchant.
In 2014, BitPay’s BitGive trader became the first bitcoin charity that the IRS recognized as a charity and received 501 (c) (3) status. The 2014 FEC decision, according to which bitcoin gifts can be accepted by political campaigns and organizations, has resulted in BitPay working with CoinVox and other fundraising organizations. In June, BitPay became the first Bitcoin to sponsor a North American sports event. They sponsored St. Petersburg Bowl, College Bowl game. After the announcement, more than 100 St. Petersburg companies have taken steps to take the digital currency before the first event.
In September 2015, the company sued its insurance provider in connection with the failure to close the theft of 5000 BTCs in December 2014.
In May 2016, BitPay launched the BitPay Visa prepaid debit card, the first Visa prepaid debit card available for bitcoin users in all 50 US states. The company also added new bitcoin companies, including the Steam gaming platform. New collaborations and versions with Intel and Microsoft Azure Cloud have delivered new features and capabilities for BitPay Copay and Bitcore open source platforms.
In 2017, BitPay launched another round of B funding. Later that year, they raised a minimum payment on the platform to $ 100 USD from its previous $ 5 USD; the change was changed only a few days later. In December 2017, Steam stopped accepting Bitcoin payments from BitPay, citing transaction costs for small items too high, along with volatility issues.
Bitcoin’s Prepaid WaveCrest Visa was discontinued in January 2018. BitPay received its virtual currency license from the New York Financial Services Department in July 2018.
Initial funding came from a variety of sources, including Shakil Khan, Barry Silbert, Jimmy Furland, Roger Ver and Trace Mayer.
In January 2013, the company announced $ 510,000 in investment in angels, which is the first external capital after being internally introduced. The investment coincided with the relocation of the company’s headquarters to Georgia in Atlanta. At that time it was stated that the funds would be used to support the processing of Bitcoin.
In June 2013, BitPay received additional $ 2 million in investment, which is funded by the Founders’ Fund. Tech Crunch said investment is likely to be spent on staffing, with several coding specialists at that time. Bitcoin.
In December 2013, Hong Kong business mogul Li Ka-shing invested through its Horizons Ventures firm about $ 2.7 million in BitPay.
In May 2014, BitPay received funds from investors, including Index Ventures, RRE Ventures, Richard Branson