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BitPay is a global bitcoin payment service provider headquartered in Atlanta , Georgia , United States. BitPay provides Bitcoin and Bitcoin Cash payment processing services for merchants, and is one of the largest bitcoin payment processors.
BitPay has developed open source bitcoin projects, including BitCore and Copay. BitPay was first founded in to provide mobile checkout services to companies that wanted to accept bitcoins. Following the foundation of the company, co-founder Gallippi visited a conference in Prague in November to discuss bitcoin. At the time he announced that the company had around merchants actively using their service.
Within the first year by October , BitPay had grown to having 1, active merchants. One of the first major partnerships came in , when BitPay became the official bitcoin merchant for WordPress.
In September , the company announced that it had reached the milestone of 1, merchants using BitPay to accept bitcoin payments. BitPay announced in January that they would be relocating their headquarters to Atlanta, Georgia from their previous location, Orlando, Florida. According to the company's co-founder, the city of Atlanta was chosen due to the number of fintech companies located in Georgia. Shortly after the launch of BitGive, it was announced that BitPay would be the merchants for the charitable organization.
Gyft, who specialise in gift cards, partnered with BitPay in In September , the company announced it had reached the milestone of 10, merchants. BitPay developed a processing module in for WooCommerce , which allowed the company to process online orders made with Bitcoin. The move allowed orders fulfilled by Amazon. The partnership between the Lamborghini dealership and BitPay continued when news of the purchase featured in the media.
They were two of the first casinos in Las Vegas to accept Bitcoin. Shortly after CES , the NBA basketball team the Sacramento Kings announced they would become the first major sports franchise in North America to accept Bitcoin as a form of payment for tickets and merchandise. The transactions would be processed by BitPay, making them the first Bitcoin merchant to process sports tickets on such a large scale.
In this instance, fans would pay in Bitcoin before BitPay converted the Bitcoin amount into dollars for the Sacramento Kings. Within the same month, it was announced that Zynga would also begin to accept Bitcoin, with BitPay as its merchant.
This was following the fall in December after the Chinese government took steps to enact a crackdown on the currency. In June , it was announced that the rapper 50 Cent would be accepting Bitcoin for his new album release, Animal Ambition. He was however seen at the time as one of the best-known musicians to accept the digital currency as a form of payment.
In , BitPay merchant BitGive became the first bitcoin charity to be recognized as a charitable organization by the IRS and was granted c 3 status.
They sponsored the St. Petersburg Bowl , a college bowl game. Following the announcement, over companies in the St. Petersburg area took steps so that they could accept the digital currency before the first event. In September , the company sued its insurance provider in regards to non-coverage of a BTC theft that occurred in December [51] [52]. The company also added new bitcoin-accepting firms including gaming platform Steam, [55] nonprofit Heifer International, [56] and precious metals provider JM Bullion.
In December , BitPay announced that it was adding Bitcoin Cash to their large merchant client base due to Bitcoin Core's high fees and unreliable network delays. This enabled its merchants to accept blockchain payments globally in a wider scale "without the risk of credit card fraud or chargebacks".
BitPay enables merchants to accept bitcoin in payment for a transaction. BitPay transactions are non-reversible, making it valuable for merchants who are working internationally. In it was announced that merchants could accept bitcoin and receive fiat currency the next day for a 0. In July , BitPay announced that it would offer free and unlimited payment processing, forever.
The service for Bitcoin payments, fulfilled by Amazon was first introduced in and was seen as a positive move for the Bitcoin currency. The module was developed with WooCommerce and has meant that web stores using Amazon. Following the integration it was explained that the module worked closely with the fulfilment API and that the process would be completed automatically. When compared to other processors such as PayPal , many of them have to go through and enter information manually in order to complete the purchase, which isn't the case with BitPay.
BitPay employs members of staff to work on open source projects to benefit the Bitcoin currency. In , one of their new developers who had moved from Red Hat stated that he had been employed by BitPay to simply work on open source projects to aid the development of Bitcoin.
It was stated at the time that the funding would be used to help advance Bitcoin processing. The funding was seen as an attempted push to become more global and was seen by some as a larger VC land grab for Bitcoin companies. Petersburg Bowl for two years. BitPay secured the title sponsorship after Beef O'Brady's , who had sponsored the event since , declined to renew. The currency was supposed to be accepted for ticket, concession, and merchandise sales for and during the game, and the sponsorship itself was also paid in Bitcoin.
However, reports from the game indicated that this was not the case. Financial terms have not yet been disclosed. From Wikipedia, the free encyclopedia. This section needs to be updated. Please update this article to reflect recent events or newly available information.
Retrieved 27 January The Wall Street Journal. Archived from the original on September 4, Lamborghini dealership sells car for Archived from the original on 26 August Tampa Bay Business Journal.
Bitcoins mined with Adafruit's miner used to buy Adafruit products". You can buy 50 Cent's new album with Bitcoin". Casey 22 August Transaction Fee historical chart". Retrieved March 6, Retrieved 18 June We paid ESPN for our sponsorship in bitcoin". History Economics Legal status. List of bitcoin companies List of bitcoin organizations List of people in blockchain technology.
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