We’ve got another exciting month of crypto news, including our 10th birthday and a giveaway for the chance to win 1 of 10 Bitcoin themed "The Evolution of Money” silver rounds to help us celebrate! Plus, see some of the most significant happenings in crypto and at BitPay, including a curated list of new merchants we're welcoming aboard this month and our charitable spotlight.
In This Issue:
BitPay in the Spotlight
- BitPay Commemorates 10 Years as Leading Blockchain Payment Processor. Read about our accomplishments over the last 10 years here.
- Our VP of Marketing, Merrick Theobald joins the Paul Barron Network to talk about BitPay and all things crypto.
- According to a recent PYMNTS report done in collaboration with BitPay, roughly 46 millions Consumers Want to Spend Crypto Wealth at Merchants. Read more here.
- As Dogecoin balloons to nearly 13% of BitPay's transaction volume, Elon Musk and Mark Cuban Are Pushing Dogecoin for Payments—And BitPay Data Backs Them Up. Find out more here.
- Cryptocurrencies have taken the payments industry by storm in the past year and interest in crypto payments is widening among US consumers. Find out more about how rising interest in crypto payments could affect payment providers.
- Curious about how to pay with cryptocurrency on Amazon Prime Day? The BitPay Wallet App and Prepaid Debit Card are highlighted here.
- Jomashop, one of the largest US luxury fashion eTailer of watches and handbags selects BitPay to expand payment options with cryptocurrency.
Other Industry News
Here’s a list of some of the most significant happenings in crypto over this past month:
- Despite concern about the potential impact on their program with the International Monetary Fund, El Salvador has become the first country in the world to adopt bitcoin as legal tender.
- As their customers continue to ask, Interactive Brokers plans to offer crypto trading in the coming months. Find out more here.
- The SEC’s Hester Peirce warns that overzealous regulation of cryptocurrency in the U.S. could hinder innovation. Read more here.
- MicroStrategy has increased Bitcoin-linked junk bond sale to $500 Million to help buy more bitcoin. Learn more.
- Americans pocketed $4 Billion in Bitcoin profits last year. Find out more about how Bitcoin’s meteoric rise has minted scores of crypto millionaires here.
2021 Cryptocurrency Payments Report
PYMNTS, in collaboration with BitPay, set out to examine consumers’ current interest in and future plans for ownership and use of cryptocurrency. PYMNTS surveyed 8,008 cryptocurrency users and nonusers in the U.S. to examine the ways in which they plan to use crypto to make purchases, what crypto they plan to use — and how merchant acceptance can influence merchant choice and consumer spend. To learn more about what the research found, download the report here.
BitPay Bids Welcome to New Businesses
It’s our monthly pleasure - and great honor - to welcome aboard new businesses that use our products and services. This month we’re excited to announce more partnerships with clients in the luxury jewelry industry, as well as extending our reach in the Private Charter and Sports industries, among others. Please join us in saying hello to these new, exceptional members of the BitPay family!
- Baunat - Engagement Rings and Diamond Jewelry (Online Payments)
- Bomberg - Swiss Watchmaking Brand (Online Payments)
- Glamnetic - Leading Online Beauty Brand (Online Payments)
- GoldConnect - LATAM Wholesale Telecommunications Provider (Online Payments)
- L.G.R. - Italian Handcrafted Sunglasses and Optical Frames (Online Payments)
- San Jose Sharks - NHL (Email Billing)
- Shells - Virtual Desktop (Online Payments)
- Shy Aviation - Global Aviation Charter Company (Email Billing)
- Wag! - #1 Pet Services Platform (Online Payments)
BitPay Merchant Spotlight: Mecum Auctions
The Mecum Auction Company is the world leader and largest auction company of collector cars, vintage and antique motorcycles, and Road Art sales. Starting in 1988, they have now been specializing in the sale of collector cars for more than 30 years, offering more than 20,000 lots per year and averaging more than one auction each month.
The company has also expanded its catalog of offerings to include a wide array of collectibles, including signs and memorabilia items like gas pumps, pedal cars and clocks, and even collector-grade tractors and farm relics. Check out their auction schedule here, with the next coming up in Orlando on July 29-31 and August 12-14 in Monterey. We wish Mecum much success (and many BitPay invoices sent!) in their upcoming auctions.
BitPay Merchant Shout-outs
- Francis Suarez for Miami Mayor for accepting crypto donations using BitPay
- Wrist Aficionado for exhibiting at Bitcoin2021 and opening their 2nd location: 19 E 62nd St, New York, NY 10065
BitPay Charitable Spotlight: Care.org
Care.org is a longstanding partner and favorite non-profit of BitPay. Today, CARE works in over 100 countries, reaching more than 90 million people through 1,300 projects. Their work extends from supporting people in need due to a crisis to hunger, health, education, climate and equality support. To learn more about CARE and make a donation, visit care.org.
Word of the Month: Renewable Energy
Renewable energy, or “clean energy”, comes from natural sources or processes that are constantly replenished. Renewable resources include biomass energy (such as ethanol), hydropower, geothermal power, wind energy, and solar energy. While securing the Bitcoin payment network does currently use a lot of energy, it is important to note, Bitcoin miners are using both renewable energy and seeking out excess energy as a way to help the environment, while also lowering the costs to mining Bitcoin.
In their June 2019 research, Coinshares found the Bitcoin mining industry to be heavily renewables-driven, having used a combination of estimates of global mining locations and regional renewables penetrations. Not only is it heavily renewables-driven, but “the approximate percentage of renewable power generation in the Bitcoin mining energy mix stands at 74.1%, more than four times the global average.” Their view and findings reaffirm that “Bitcoin mining is acting as a global electricity buyer of last resort and therefore tends to cluster around comparatively under-utilised renewables infrastructure.” Ultimately, this could help turn loss making renewables projects profitable and in time could act as a driver of new renewables developments in locations that were previously uneconomical. Read more here to learn how Bitcoin mining is more renewables-driven than almost every other large-scale industry in the world.
Additionally, according to the April 2021 whitepaper, “Bitcoin is Key to an Abundant, Clean Energy Future”, “Bitcoin miners are unique energy buyers in that they offer highly flexible and easily interruptible load, provide payout in a globally liquid cryptocurrency, and are completely location agnostic, requiring only an internet connection”, which is an extraordinary asset. To learn how the Bitcoin network functions as a unique energy buyer that could enable society to deploy substantially more solar and wind generation capacity, click here.
Product Spotlight: PPRO
BitPay is integrated with PPRO, the go-to provider of local payments infrastructure. The company helps payment service providers launch, manage, and optimize local payment methods. Accessible through a single contract and integration, PPRO’s infrastructure has been designed to help PSPs get their payment methods to market faster, unlock higher checkout conversions, and avoid the costs and complexities of managing multiple fund flows.
If you’re currently using the PPRO platform and would like to accept crypto via BitPay, reach out here.
Marketing Spotlight: Jomashop.com Promotion
Founded in 1999, Jomashop.com is one of the largest US luxury fashion e-Tailers with over 650 brands and 75,000 unique items ranging from watches, handbags, sunglasses, beauty, apparel, shoes and more. Their competitive pricing and exceptional customer service have made them a top 200 e-commerce company.
PROMOTION: Pay with BitPay at Jomashop.com and save! Get $25 off $250 with code BIT25 or Get $50 off $700 with code BIT50 or Get $100 off $1,000 with code BIT100. Apply the promo code at checkout to enjoy this amazing offer! Act fast, this promotion ends 6/24. UPDATE: Sale extended through 7/21.
Did You Know?
Woo-hoo, BitPay turned 10!
We’re very excited to celebrate BitPay’s 10th birthday! Founded in June 2011, while Bitcoin was still in its infancy, BitPay wanted to make it easy for businesses to accept bitcoin payments and grew into the largest bitcoin payment processor in the world. Serving industry-leading businesses globally and supporting hundreds of thousands of crypto users, BitPay has processed over $5 billion in payments volumes since inception and for tens of thousands of businesses worldwide.
We had an exciting start with Wordpress signing up as BitPay’s first merchant and a record breaking $30 million in series A funding. The release of the BitPay Wallet app followed, in addition to a $40 Million extended Series B funding round. Since then BitPay has expanded to support various coins, inclusive of BCH, ETH, XRP, DOGE, WBTC and stable coins GUSD, USDC, PAX, DAI and BUSD in addition to BTC, and has launched new products like the BitPay Prepaid Card, BitPay Email Billing and our latest product BitPay Send (think payouts with Bitcoin).
To help us celebrate, we invite you to take part in the BitPay 10 Year Anniversary Contest (Open to United States only).