Under  the bear forces, all the crypto market had suffered some changes regarding  the price of Bitcoin and altcoins. Since January 2018, the Bitcoin price had dropped an important percentage of  the gains that it made in 2017.

Bitcoin Transactions on the Increase

Apparently, the bear market is favorable for BitPay. BitPay, the Bitcoin payment processor, enabled over $1 billion in 2017. BitPay wants to enlarge its horizons and the demand for their services.

The CEO of BitPay, Stephen Pair, made it clear that there is massive demand for the services of his firm. Hence the need to bring in new investors to help meet global requirements for Bitcoin payments. He declared:

“BitPay had a record 2017 as we processed over $1 Billion in Bitcoin payments. We brought on these new investors who can help BitPay scale globally to meet customer demand.”

Despite the regulatory clampdown on cryptocurrencies and ICOs in China, cryptocurrency adoption is gradually on the rise in Asia.

As reported by Forbes, the region has been one of the most ‘fertilized grounds’ for the growth of BitPay in recent years as many individuals and merchants have developed an unshakable trust in BitPay’s services. Pair claimed the following:

“Bitcoin is increasingly popular in Asia-Pacific and we see huge potential for cross-border payments. Using the Bitcoin network, we can enable businesses to have invoices paid in one day for a fee that is less than traditional banks. We also see huge growth in wallet adoption for consumers who are now looking to spend Bitcoin for Purchases.”

Bitcoin Perfect for Cross-Border Payments

On March 16, 2018, BTCManager reported that BitPay had also signed a partnership deal with South Korea’s largest cryptocurrency exchange, Bithumb.

“The partnership with Bithumb allows us to focus on South Korean businesses paying or receiving $100,000 to $5 million per invoice, where a [one to two percent] savings on each invoice can lead to dramatic cost savings,” said Sonny Singh, BitPay’s chief commercial officer.

Many people consider that Bitcoin is a speculative asset, not a payment method exactly. Because its volatility, Bitcoin is used in  everyday transactions. With the new BitPay processor, the firms will enlarge their operations and Bitcoin will be used more as a payment crypto.