|Key People||Stephen Pair, CEO; Tony Gallippi, Executive Director|
BitPay, an American company, is one of the oldest and largest bitcoin payment services in the world.
BitPay provides services to enable merchants and other businesses to accept payments in bitcoin. BitPay's software is compatible with numerous point-of-sale as well as e-commerce payment systems so that customers can pay with bitcoin and the merchant can receives fiat bank deposits. Payment processing in bitcoin as compared to processing in fiat currencies can be attractive to merchants when they can get the cost of processing a payment down from a minimum of 3% of the transaction amount for credit cards to as low as 1% for bitcoin.
BitPay offers individuals several products, for example prepaid Visa debit cards issued by Metropolitan Commercial Bank that can be loaded from a bitcoin wallet and used for purchases denominated in either bitcoin or fiat. It also offers consumers the BitPay wallet.
On November 27, 2018, media reported BitPay had advised its customers the previous day that the Copay and BitPay applications had been infiltrated by malware. Stating that it was unaware of any losses to its customers or malicious use of customer private information, BitPay advised its customers to take steps to assure that their funds were not compromised. The company learned of the breech from a posting on GitHub, the central developer code repository and news board. According to the GitHub report, an external developer, Dominic Tarr, had earlier turned over his publishing rights to another external developer, right9ctrl, who injected the code into third-party software that is used in BitPay's wallet applications.
In September 2019, BitPay announced that it had added support for Ethereum. In October 2019, BitPay announced that it had partnered with Ripple’s Xpring unit to integrate XRP on its platform so that businesses and merchants can accept it.
The company launched BitPay Send in November 2020. The new service allows companies to make mass payments of bitcoin to employees, contractors and suppliers. With BitPay Send the payor can pay in fiat or cryptocurrency and the payees receive bitcoin in their own cryptocurrency wallets.
According to figures compiled by Crunchbase, an investment data reporting service, BitPay had taken in $72.5 million in start-up funding by July 2018. BitPay processed more than $1 billion worth of bitcoin payments in 2017.
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- BitPay Receives BitLicense from New York Department of Financial Services. Cointelegraph.
- Fake Developer Sneaks Malicious Code into BitPay’s Copay Wallet. Coindesk.
- BitPay’s Copay Wallet Compromised by Malicious Code, Firm Issues Advice for Users. CoinTelegraph.
- BitPay to add support for XRP later this year. The Block.
- BitPay now lets merchants accept three stablecoins, including Gemini dollar. The Block.
- Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service. CoinDesk.
- BitPay Overview. Crunchbase.
- Bitcoin Payments In Asia Hold Strong As Cryptocurrency Prices Continue To Plummet. Forbes.