BitPay
| Company type | Private |
|---|---|
| Industry | Cryptocurrency payment processing |
| Founded | May 2011 |
| Founder | Tony Gallippi, Stephen Pair |
| Headquarters | Atlanta , United States |
Area served | North America, Europe, South America |
| Products | Cryptocurrency payment processing, BitPay Visa Prepaid Debit Card, Copay wallet, Bitcore infrastructure |
| Website | bitpay |
BitPay is a cryptocurrency payment service provider based in Atlanta, Georgia, United States. Established in May 2011 by Tony Gallippi and Stephen Pair, BitPay focuses on facilitating cryptocurrency payment processing for merchants.
History
Founded in 2011, BitPay was created to allow businesses to accept bitcoin as payment, achieving a merchant base of 1,100 by late 2012, which included WordPress. After raising $510,000 in seed capital, the company moved its headquarters from Orlando, Florida to Atlanta, Georgia in January 2013, selecting the city for its robust fintech environment.
By May 2013, BitPay had secured $2 million in funding led by Founders Fund. The merchant network expanded to 10,000 by September 2013, and the platform had processed bitcoin transactions exceeding $34 million. In 2014, BitPay grew its footprint across North America with new offices in New York City, San Francisco, and St. Petersburg, Florida, while also establishing headquarters in Amsterdam and Argentina to serve European and South American markets.
At CES 2014, BitPay reported supporting 12,000 merchants using its services. Among its notable clients were Las Vegas casinos such as The D Las Vegas and Golden Gate Hotel and Casino; the NBA’s Sacramento Kings—the first major sports franchise in North America to accept bitcoin—and gaming company Zynga.
BitPay facilitated charitable contributions through its collaboration with the BitGive Foundation’s IRS-recognized 501(c)(3) status and partnered with political fundraising platforms following the Federal Election Commission’s 2014 decision on bitcoin donations. In June 2014, BitPay became the first bitcoin company to sponsor a North American sporting event—the St. Petersburg Bowl—encouraging local businesses to adopt cryptocurrency payments.
In September 2015, BitPay initiated legal action against its insurer over the refusal to cover a $1.8 million bitcoin theft that occurred in December 2014. In May 2016, it introduced the BitPay Visa Prepaid Debit Card—the first prepaid Visa card available to bitcoin users across every US state—and onboarded Steam as a merchant. Collaborations with Intel and Microsoft Azure enhanced the security and capabilities of its Copay wallet and Bitcore infrastructure.
BitPay launched a Series B funding round in 2017. That year, it temporarily raised its minimum transaction threshold from $5 to $100 but reversed this decision after receiving customer feedback. Additionally, support for Bitcoin Cash was integrated. However, Steam stopped accepting bitcoin payments through BitPay in December 2017 due to increased transaction fees and price volatility.
Following the discontinuation of WaveCrest Visa prepaid cards in early 2018, BitPay obtained a virtual currency license from the New York Department of Financial Services in July 2018.
In recent years, prominent brands such as AMC Theatres, Gucci, and TAG Heuer have incorporated BitPay’s cryptocurrency payment solutions into their retail environments.
Funding
Initial investment was provided by figures including Shakil Khan, Barry Silbert, Jimmy Furland, Roger Ver, and Trace Mayer.
In January 2013, BitPay received $510,000 in angel funding—its first external capital injection after self-funding—which coincided with relocating its headquarters to Atlanta, Georgia and aimed at advancing bitcoin payment technology.
In June 2013, an additional $2 million was raised through venture capital led by Founders Fund. This financing supported growth in engineering staff and marked a strategic effort toward global expansion within the bitcoin ecosystem.
In December 2013, Hong Kong entrepreneur Li Ka-shing invested roughly $2.7 million via his Horizons Ventures firm.
By May 2014, BitPay secured $30 million from leading investors such as Index Ventures, RRE Ventures, Virgin Group's Richard Branson, and Yahoo co-founder Jerry Yang. This round substantially strengthened BitPay’s financial position and enhanced its influence within the cryptocurrency payment processing market.