BitPay Eclipses Silk Road in Bitcoin Sales with Explosive $5.2M March

Posted 2013-04-02 08:10 GMT Updated 2013-06-01 03:09 GMT

Adds Kevin McInturff as VP Product Management

ATLANTA -- April 2, 2013 -- BitPay Inc, the world’s leading payment processor for bitcoin, announces it has processed over $5.2 million in bitcoin transactions for its merchants during the month of March, with over 5,100 completed invoices during the month. The pace accelerated with over $3 million in transactions during the final 8 days. This eCommerce activity from merchants selling computers, consumer electronics, precious metals, and even government services has likely eclipsed the illicit activity widely estimated from sites like Silk Road.

BitPay has also approved over 1,300 new merchant applications during the month of March, bringing their total number of approved merchants to over 4,500. The explosive growth in BitPay’s business comes after February’s payment processing volume of $687,000 in transactions with 2,300 completed invoices.

“Merchants are clearly appreciating the superior performance of our platform compared to all others in the marketplace,” says Tony Gallippi, co-founder and CEO of BitPay. “Any merchant selling high-ticket items over the Internet needs to look at bitcoin.And with our recent reduction in fees, our merchants are using our all-inclusive 0.99% fee to offer discounts to their customers for paying in bitcoin.”

BitPay also announces the addition of Kevin McInturff as Vice President of Product Management. Kevin has recently worked for Global Payments as their Director of Application Development, and Kevin has degrees in Computer Science and a Masters in Management of Technology from the Georgia Institute of Technology. Kevin’s roles at BitPay will be managing their eCommerce plugins, client libraries and API, plus managing their global Integration Partner program. Kevin is the third full-time employee at BitPay, after co-founders Tony Gallippi and Stephen Pair.

During March, BitPay’s bitcoin payment tools have also been integrated into E-GovLink, a billing system used by local governments, and FoxyCart, a popular SaaS cloud-hosted shopping cart service. Any company or organization using E-GovLink or FoxyCart can now add a bitcoin payment option to their business.

BitPay’s CEO Tony Gallippi will be speaking about bitcoin at the International Payments Summit on April 11, 2013 in London.

About BitPay
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.

Contact
Jan Jahosky
407-331-4699
jan@bitpay.com

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@FlipPRO

@bitpay #TRUTH!!!!!

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@chsados

@bitpay congrats!

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