BitPay Passes 10,000 Bitcoin-Accepting Merchants on its Payment Processing Network
(TechCrunch) Bitcoin payment processor startup BitPay has exceeded 10,000 Bitcoin-accepting merchants using its services to take payments via the decentralized digital cryptocurrency. Around this time last year BitPay had accepted its 1,000th merchant — so it’s a measure of the momentum behind Bitcoin that BitPay is growing at such a rate.
The Atlanta-based startup, which was founded in 2011, raised $2 million led by Founders Fund back in May — bolstering an initial $501,000 round it closed in January. At the time of that initial raise, BitPay had some 2,100 merchants on its books.
BitPay said its 10,000-plus merchant network spans 164 countries, underlining one of the key differentiators for Bitcoin vs. other digital payment methods: its ability to cross borders and carry on working. Lower fees is another reason merchants are taking more of an interest in Bitcoin, plus the lack of chargebacks — effectively eliminating the risk of fraud for merchants (albeit, fraud may be taking place but the merchant won’t be the one losing out).