BitPay payments in bitcoins and altcoins are growing
Atlanta-based BitPay says BTC and altcoin payments are on the rise. The number of transactions on the platform increased by 4.6% in June, writes crypto news.
Almost 107,000 crypto transactions were completed on BitPay in June, according to data released by the firm. This figure has become another annual record.Based on the published information, apart from the March crash period, transaction volumes have continued to grow throughout the entire period since the beginning of the year. If at the end of 2019 they were less than 90,000 transactions per month, then since April this figure has been at least 100,000 every month.
The company itself was founded in May 2011. She also operates the corporate cryptocurrency payment platform Copay.
Unsurprisingly, most BitPay customers have used BTC for payments, although the asset's dominance has eased slightly over the past few months, dropping from about 92% at the start of the year to just over 89% in June. In January, users chose BCH as the main altcoin, and now this title belongs to ETH.The company also claims to be ahead of its closest rival Blockchain. Based on the information provided, Blockchain Wallet accounts for about 22% of payments in June, and BitPay accounts for about 37.6%.
Where does the money go?
What do users of the service spend their assets on? The company's data shows that the bulk of payments in June were in financial and internet services. Their combined share in that month was about 48%.More than 12% of users spend their tokens on prepaid cards. About 10% of people spent cryptocurrency to pay for hosting and VPN, almost 5% - on computer games, 4% - on mortgages, and bank fees.
BitPay recently made headlines in its native United States when it partnered with US Congressman Tom Emmer. And in a recent video interview, BitPay CEO Stephen Pyre said American “car dealerships” were also on his client list, as was Sir Richard Branson's commercial space project Virgin Galactic.