BitPay
A private American cryptocurrency payment company that helps merchants accept digital-currency payments and settle them in fiat currency.
Last updated August 21, 2026
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Overview
BitPay is an American financial-technology company focused on cryptocurrency payment infrastructure. Founded in May 2011 by Tony Gallippi and Stephen Pair, it originally built mobile checkout services for businesses that wanted to accept bitcoin. Its merchant model was designed to reduce the technical and operational barriers associated with receiving cryptocurrency, including payment processing, transaction handling, and conversion into government-issued currencies. In addition to merchant acceptance tools, BitPay has offered consumer-facing products such as a cryptocurrency wallet and a prepaid payment card. The company developed during the early commercial expansion of bitcoin. By October 2012, it reported approximately 1,100 active merchants, including WordPress. In early 2013, BitPay announced that it would move its headquarters from Orlando, Florida, to Atlanta, Georgia, after securing $510,000 in seed or angel financing. The company cited Georgia's concentration of financial-technology businesses as one reason for selecting Atlanta. Later in 2013, it announced a further $2 million investment led by Founders Fund. By September of that year, BitPay reported 10,000 merchants and more than $34 million in processed transaction volume since its founding. These figures reflected the company’s role as an early specialist in business-to-consumer bitcoin payments rather than as a general cryptocurrency exchange. BitPay expanded its geographic footprint in 2014, establishing offices in New York City, San Francisco, and St. Petersburg, Florida, as well as European headquarters in Amsterdam and a South American headquarters in Argentina. Its merchant network included a range of early adopters. The D Las Vegas and Golden Gate Hotel and Casino announced bitcoin acceptance through BitPay, while the Sacramento Kings became the first major North American sports franchise reported to accept bitcoin for tickets and merchandise through the company. Zynga also announced bitcoin acceptance using BitPay as its payment processor. BitPay participated in the development of cryptocurrency use in charitable and political fundraising, including work involving BitGive and CoinVox after relevant United States regulatory developments. The company broadened its consumer and merchant offering over time. In 2016, it launched the BitPay Visa Prepaid Debit Card, initially described as available to bitcoin users in all 50 U.S. states. It also added merchants such as Steam and worked with Intel and Microsoft's Azure cloud platform on capabilities associated with its Copay wallet and Bitcore open-source software projects. In 2017, BitPay added support for Bitcoin Cash. A temporary increase in its minimum payment amount from $5 to $100 was reversed within days after criticism and operational reconsideration. Steam later ended bitcoin acceptance in December 2017, citing transaction costs for small purchases and bitcoin price volatility. BitPay has operated within a changing regulatory and payments environment. The WaveCrest Visa program associated with its prepaid product was discontinued in January 2018, and BitPay received a virtual-currency license from the New York Department of Financial Services in July of that year. Its payment network subsequently remained visible through merchant announcements involving companies such as AMC Theatres, Gucci, and TAG Heuer in 2021. BitPay is best understood as a merchant-services and payment-acceptance brand rather than a cryptocurrency exchange or blockchain protocol. Its positioning centers on enabling businesses to accept selected digital currencies while offering consumers a way to spend cryptocurrency through wallets, cards, and merchant checkout integrations.
History
BitPay was established in May 2011 by Tony Gallippi and Stephen Pair to help businesses accept bitcoin through mobile checkout and merchant-processing tools. The company emerged when bitcoin was still primarily used by technology enthusiasts and early online merchants. Its initial proposition was to give businesses a way to receive bitcoin without building their own wallet, payment-routing, or settlement infrastructure. The business gained early traction quickly. By October 2012, BitPay reported 1,100 active merchants, including WordPress. In January 2013, it announced a move from Orlando, Florida, to Atlanta, Georgia, alongside $510,000 in angel funding. Atlanta was selected partly because of Georgia's financial-technology ecosystem. A further $2 million investment led by Founders Fund was announced later in 2013. In September, BitPay said it had reached 10,000 merchants and had processed more than $34 million since its foundation. During 2014, BitPay pursued international and sectoral expansion. It opened offices in New York, San Francisco, and St. Petersburg, Florida, and established regional headquarters in Amsterdam and Argentina. Its customer and partner announcements included the D Las Vegas and Golden Gate Hotel and Casino, the Sacramento Kings, and Zynga. The Sacramento Kings adoption was especially notable because it was described as the first bitcoin acceptance program by a major North American sports franchise. BitPay also supported cryptocurrency-related charitable and political fundraising initiatives, including work involving BitGive and CoinVox. BitPay continued to broaden its product portfolio beyond merchant checkout. In 2016 it launched a Visa prepaid debit card for bitcoin users in the United States. It also worked with companies including Intel and Microsoft Azure on features connected to Copay and Bitcore, its wallet and open-source development projects. In 2017, BitPay supported Bitcoin Cash. That year it briefly increased its minimum payment amount from $5 to $100, but quickly reversed the decision. Steam, one of its announced merchants, stopped accepting bitcoin through BitPay in December 2017, pointing to transaction costs and volatility. The company faced infrastructure and regulatory changes in 2018. The WaveCrest Visa prepaid program was discontinued in January, while the New York Department of Financial Services issued BitPay a virtual-currency license in July. BitPay's later merchant visibility included payment announcements involving AMC Theatres, Gucci, and TAG Heuer in 2021. Throughout its development, the company remained centered on payment acceptance and settlement for merchants, supplemented by wallet and card products for consumers. Its history reflects both the growth of cryptocurrency commerce and the practical difficulties of transaction fees, volatility, card-network dependence, security, and financial regulation.
- 2021
Luxury, entertainment, and retail payment adoption
[1]AMC Theatres, Gucci, and TAG Heuer announce customer payment options using BitPay.
- 2018
New York virtual-currency license
[1]BitPay receives a virtual-currency license from the New York Department of Financial Services.
- 2017
Bitcoin Cash support added
[1]BitPay adds Bitcoin Cash to its supported cryptocurrency options.
- 2016
BitPay Visa Prepaid Card launches
[1]BitPay introduces a Visa prepaid debit card for bitcoin users in the United States.
- 2014
International office expansion
[1]BitPay expands across the United States and opens regional headquarters in Amsterdam and Argentina.
- 2014
Major sports and gaming merchants adopt bitcoin
[1]The Sacramento Kings and Zynga announce bitcoin acceptance supported by BitPay; two Las Vegas casinos also adopt the service.
- 2013
Atlanta headquarters and initial external funding
[1]BitPay announces a move to Atlanta and $510,000 in angel financing.
- 2013
Founders Fund investment
[1]The company announces a $2 million investment led by Founders Fund.
- 2013
10,000-merchant milestone
[1]BitPay reports 10,000 merchants and more than $34 million in cumulative processed volume.
- 2012
Merchant network reaches 1,100 businesses
[1]BitPay reports approximately 1,100 active merchants, including WordPress.
Products and positioning
Merchant-oriented cryptocurrency payment infrastructure combining digital-currency acceptance, transaction processing, fiat settlement, and consumer spending tools.
Cryptocurrency payment processing · 2011
BitPay Merchant Payment Processing
BitPay's core merchant service enables businesses to accept selected cryptocurrencies through checkout integrations and payment-processing tools. The service is designed to handle transaction processing and can support settlement in fiat currency, helping merchants reduce direct exposure to cryptocurrency price movements. It has been used by online businesses, retailers, entertainment companies, charities, and other organizations.
Cryptocurrency wallet
BitPay Wallet
BitPay Wallet is a cryptocurrency wallet product available through mobile and desktop environments. It gives users a way to manage digital-currency balances and interact with payment services associated with the BitPay ecosystem. The wallet represents the consumer side of BitPay's business, complementing its merchant-processing infrastructure.
Prepaid payment card · 2016
BitPay Card
The BitPay Visa Prepaid Debit Card was introduced in 2016 for bitcoin users in the United States. It was intended to connect cryptocurrency holdings with card-based spending at merchants that accepted Visa. Availability and network arrangements changed over time, including the discontinuation of the WaveCrest Visa program in 2018.
Open-source cryptocurrency wallet
Copay
Copay is an open-source wallet project associated with BitPay. The company worked with technology partners including Intel and Microsoft Azure on capabilities for Copay and related blockchain software. It formed part of BitPay's effort to support both end users and developers in the cryptocurrency payment ecosystem.
Blockchain developer platform
Bitcore
Bitcore is an open-source software platform associated with BitPay's blockchain and cryptocurrency development work. Its role has included providing technical capabilities for applications and payment-related software, alongside the company's merchant services and wallet products.
Controversies
2021
BitPay agrees to settle sanctions-compliance liability
BitPay agreed to pay $507,375 to settle its liability after allegedly allowing individuals apparently based in sanctioned regions to transact with U.S. merchants through its platform. OFAC described 2,102 apparent violations of multiple sanctions programs.
2015
Insurance lawsuit over 5,000-bitcoin theft
BitPay sued its insurance provider over an alleged refusal to cover a theft of 5,000 bitcoins that occurred in December 2014. The dispute concerned the scope of insurance coverage for a cryptocurrency loss.
Marketing campaigns
- 2021Retail, luxury, and entertainment merchant adoption
Global
Announcements involving AMC Theatres, Gucci, and TAG Heuer highlighted BitPay-enabled cryptocurrency payments in entertainment, luxury, and retail contexts.
Outcome. The announcements increased the visibility of cryptocurrency payment acceptance among internationally recognized brands.
- 2014Sacramento Kings bitcoin payment initiative
United States
BitPay processed bitcoin payments after the Sacramento Kings announced acceptance for tickets and merchandise. The initiative was presented as an early cryptocurrency adoption milestone for a major North American sports franchise.
Outcome. The Kings became an important early sports-sector reference customer for BitPay.
- 2014St. Petersburg Bowl sponsorship
United States
BitPay sponsored the St. Petersburg Bowl, described as the first North American sports event sponsored by a bitcoin company. The announcement encouraged businesses in the St. Petersburg area to prepare for digital-currency acceptance.
Outcome. More than 100 local businesses reportedly took steps toward accepting bitcoin before the event.
- 2014Cryptocurrency charitable and political fundraising partnerships
United States
BitPay worked with BitGive, CoinVox, and other fundraising organizations as bitcoin donations became more practical for recognized charities and political organizations under applicable U.S. developments.
Outcome. The partnerships extended BitPay's payment-processing use cases beyond ordinary commercial checkout.
Brand decisions
2018
New York virtual-currency licensingStrategyBackground
Cryptocurrency payment companies faced increasing state-level licensing and compliance requirements in the United States.
Action taken
BitPay obtained a virtual-currency license from the New York Department of Financial Services.
Aftermath
The license strengthened BitPay's regulatory standing for its activities in New York.
2017
Temporary increase in minimum payment amountPrice changeBackground
BitPay adjusted its platform minimum during a period of rising cryptocurrency transaction costs and network congestion.
Action taken
The minimum payment was raised from $5 to $100.
Aftermath
BitPay reversed the increase several days later.
2017
Support for Bitcoin CashProduct launchBackground
BitPay expanded its cryptocurrency-payment options as the digital-currency ecosystem developed competing transaction networks.
Action taken
The company began supporting Bitcoin Cash.
Aftermath
The move broadened the cryptocurrencies available through BitPay's payment services.
2016
Launch of the BitPay Visa Prepaid Debit CardProduct launchBackground
BitPay sought to make cryptocurrency usable in conventional card-payment environments.
Action taken
The company introduced a Visa prepaid debit card marketed to bitcoin users in all 50 U.S. states.
Aftermath
The product later became dependent on changing card-network and issuing arrangements, including the discontinuation of the WaveCrest Visa program in 2018.
Recent events
Reported
Oaza to accept cryptocurrency payments through BitPay[4]
Oaza Beverages announced that it would begin accepting cryptocurrency payments for its cold brew products through BitPay, which processes the payments.
Reported
AMC Theatres begins accepting cryptocurrency for digital gift cards[5]
AMC Theatres announced that consumers could use Dogecoin and other cryptocurrencies to purchase its digital gift cards through its website, app, and theatres, with payments processed through BitPay Wallet.
Reported
BitPay agrees to settle sanctions-compliance liability[3]
BitPay agreed to pay $507,375 to settle its liability after allegedly allowing individuals apparently based in sanctioned regions to transact with U.S. merchants through its platform. OFAC described 2,102 apparent violations of multiple sanctions programs.
Reported
CoolBitX and BitPay partner to integrate payments with CoolWallet S[6]
CoolBitX revealed that it had teamed up with BitPay. The partnership enables its CoolWallet S hardware wallet to integrate with the JSON Payment Protocol, allowing users to spend supported cryptocurrencies at retailers and businesses that accept BitPay.
Reported
Twitch announces a discount for cryptocurrency payments[7]
Twitch announced that subscribers paying with cryptocurrencies would receive a 10% reduction.
Reported
Binance and BitPay partner on BUSD payments[8]
Binance and BitPay partnered to support adoption and payments using Binance's BUSD stablecoin. The article says BitPay wallet support went live that day, while merchant support was expected in the coming days.
Reported
BitPay and Poynt partner on cryptocurrency payments[9]
BitPay and Poynt teamed up to integrate BitPay cryptocurrency payments with Poynt Smart Terminal point-of-sale devices, allowing consumers to pay merchants using supported cryptocurrencies.
Reported
BitPay adds XRP support to its wallet[10]
BitPay began accepting Ripple’s XRP cryptocurrency, enabling users of BitPay’s wallet to store the asset.
- Unconfirmed
Reported
American Cancer Society partners with BitPay to accept bitcoin donations[11]
The American Cancer Society began accepting bitcoin donations through a collaboration with BitPay, which processes the donations on its behalf.
Sources11 sources
- 1BitPayen.wikipedia.org
- 2BitPay official websitebitpay.com
- 3BitPay agrees to settle sanctions-compliance liabilitycomplianceweek.com
- 4Oaza将通过BitPay接受加密货币付款bevnet.com
- 5AMC Theatres 开始接受加密货币购买电子礼品卡coinspeaker.com
- 6CoolBitX与BitPay合作，将支付功能整合至CoolWallet Scrowdfundinsider.com
- 7Twitch宣布加密货币支付折扣coinspeaker.com
- 8Binance与BitPay合作支持BUSD支付crowdfundinsider.com
- 9BitPay与Poynt合作提供加密货币支付crowdfundinsider.com
- 10BitPay钱包新增XRP支持learnbonds.com
- 11美国癌症协会与BitPay合作接受比特币捐赠crowdfundinsider.com
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