DEFINITION of BitPay Card
BitPay is a crypto-debit card which allows its users to use their bitcoin reserves to make payments at any brick-and-mortar outlets wherever major credit cards are accepted.
BREAKING DOWN BitPay Card
BitPay is powered by the Visa network, which allows it to be used at any Point of Sale (PoS) that accepts Visa debit cards. It also allows card holders to use their BitPay card to withdraw cash at any Visa-compatible ATM. Thus, the BitPay card facilitates the conversion and usage of bitcoin into dollars, thereby bridging the gap between the real and the cryptocurrency world.
Founded in 2011, BitPay is currently the largest bitcoin payment processor in the world, serving users and merchants on six continents. BitPay is one of the primary crypto debit cards helping users and merchants to spend and accept bitcoin in a secure manner on a global scale.
BitPay works as a reloadable prepaid debit card and not as a credit card. BitPay offers businesses to accept bitcoin with BitPay and get direct bank deposits in the currency of their choice for a flat 1% settlement charge. Currently, BitPay supports settlement in eight currencies and direct bank deposit in 38 countries, while bitcoin settlement is supported in 240 nations.
BitPay is more than just a crypto debit card. It offers integration, open source plugins, point of sale, billing and accounting, and donations solutions. It also writes and maintains code libraries.
BitPay boasts approximately $2 billion in annualized payment volumes while its open source wallet platform has seen growing consumer adoption; it reached $3 billion in monthly user payments at the end of 2017.
BitPay raised $30 million in a strategic Series B funding round led by Aquiline Technology Growth, a fund managed by Aquiline Capital Partners. It had raised about $30 million during its Series A funding round led by Index Ventures, Felicis Ventures, RRE Ventures, and PayPal founder Peter Thiel's Founders Fund. (See also: Peter Thiel's Founders Fund Is Long Bitcoin.)