Bitpay expects to flourish when Crypto market is down
In the very first quarter of the year, no named Cryptocurrency is performing well. They are suffering ups and down every then and now. On the contrary, the largest payment provider of blockchain globally, Bitpay, gets $40 million funding in B series round. While other cryptocurrencies hold the tradition of going down, BitPay has raised over $70 million and done operated Bitcoin payments of more than $ 1Billion worth, last year.
BitPay, the cryptocurrency is growing in a great manner in comparison to others cryptocurrency. According to the CEO of the company, Stephan Pair, Asia is the region from where the company gets the larger share of wallet adoption and cryptocurrency transaction. BitPay plans to expand their operations in the emerging markets of Asia as they see a great potential in wallet adoption for the consumers who are looking to invest in bitcoins for selling purpose.
Stephan further said that Asia-Pacific has a huge number of cryptocurrency enthusiasts even after the bad phase of it. The company foresees the huge potential of cross-border payments. Via Bitcoin network, Bitcoin can enable many businesses to get paid the invoices only in one day on the charges lesser than any other traditional bank.
Menlo Ventures, which is associated with the brands like Warby, Parker Roku and Uber is ready to participate in Series B funding of BitPay, despite the fact that cryptocurrency market is not doing well. Infect it is the very first funding of the venture regarding any cryptocurrency.
The reason stated by one of the partners, Tyler Sosin, at Menlo Ventures to invest in BitPay is that they felt that the company had identified the great application of cryptocurrency in facilitating the payment solutions that include a low cost for the business to business payments and cross-border commerce. Asia has enormous potential for business to business payments be it cross-border or local payments and cryptocurrencies are there to facilitate these payments to that include low cost.
