BitPay Used for Luxury Payments

BitPay Used for Luxury Payments

BitPay is a cryptocurrency payment processor. Established in 2011, its headquarters are located in Atlanta Georgia. This payment institution offers merchants the option to accept payments using bitcoin. In this way, clients can use a bitcoin wallet to send money directly to the seller’s bank account. Bitpay is already available in more than 38 countries and is still growing. It is one of the world’s oldest and most reputable bitcoin firms. They are known for providing one-of-a-kind prepaid crypto cards, a processing service, and a bitcoin wallet.

Over the last year, more and more payments have been made through this platform. According to BitPay, Altcoins are beginning to cut into the dominance that Bitcoin has built up until now on the BitPay platform. 

Bitpays Chief Commercial Officer, Sonny Singh told Bloomberg. In 2022, BTC payments at BitPay accounted for 65 percent of all processed payments. This is a decrease from the 92 percent that was in 2020. They mentioned that Altcoins took a significant share in the payments last year, having Ethereum stand at 15% and stable coin at 13%.

The CCO believes there is one reason for the increased use of stable coins. It is only due to the fact that businesses have been using it to complete cross-border payments.

The Chief Executive Officer, Stephen Pair mentioned that more people have been using cryptocurrency to make payments for luxury products. The transactions volumes on Bitpay’s platform, therefore, showed an increase of 31% related to payments for luxury products. Jewelry, watches, cars, boat, and the like. 

Bitcoin and the crypto market have been performing poorly in the last few months. BTC currently trades at $43k per coin. The CEO of BitPay said that the poor state of Bitcoins price has affected its operation. In Pair’s words “Our business ebbs and flows to some degree with the price, when the price goes down, people tend to spend less. It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments.”

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BitPay Used for Luxury Payments

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