BitPay’s Rapid Expansion Good News for Bitcoin
One of the most important things that need to happen to make Bitcoin successful is that acceptance from both merchants and the public needs to happen on a large scale.
One of the most important things that need to happen to make Bitcoin successful is that acceptance from both merchants and the public needs to happen on a large scale. Over the last several months, we have seen some of the largest companies in the world begin accepting Bitcoin, such as Dell computers, eBay and Expedia. But these companies need a payment platform that not only allows them to accept Bitcoin but to convert it into fiat currencies and deposit it to bank accounts as well. BitPay is one of the largest Bitcoin and digital currency business solutions and it has just announced that it has grown to the point that it needs more space. Due in part, no doubt, to its success signing merchant accounts, particularly in Europe: BitPay's has seen a growth rate of an astonishing 1900 % in Bitcoin purchasing volume in the continent.
The reason given is simple: When the company first opened its doors, it was signing up about 200 new merchant clients every month. But this impressive number is nothing compared to this last August when BitPay signed 1,100 new clients at a rate of more than 30 per day. Moe Levin, Director of European Business Development for BitPay said:
“In May when we first opened the office, we were adding about 200 merchants monthly, and for the month of August we added 1,100 new merchants in Europe. Europeans are familiar with multiple currencies and are at the forefront of mobile technology adoption, so it’s easy to see why bitcoin is popular and widely-used.”
- Moe Levin
BitPay will also be adding more expertise to their current staff with Timo Dijkstra joining as compliance officer. Timo brings a degree in corporate law from the University of Utrecht and experience as Senior Compliance and Risk Consultant for Price/Waterhouse/Coopers. Walter Drieënhuizen and Niels Kerstholt will be joining the sales team and Carla Jagger will be managing the office, which will be located in the 17th century building complex located at Herengracht 458 in Amsterdam. The building was once the seat of power for Deutsche Bank and similar trust and banking companies. This office will be the fifth for the growing company with four other located in Atlanta, San Francisco, St. Petersburg and Buenos Aires.
That BitPay can add this many merchants in this short of a time period is excellent news for Bitcoin. Europe has not been particularly unfriendly to Bitcoin and is generally both high income and tech savvy so perhaps Bitcoins success should not come as much of a surprise. The growth has been explosive. In 2013 European merchants processed 1.4 million Euros in Bitcoin transactions. So far this year EU merchants have processed nearly 30 million Euros and counting, with the winter holidays still to come. This is an astonishing 1900 % growth in a single year.
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