BitPay reached on Monday its milestone of more than 10,000 approved merchants in 164 countries, just one year after the company approved its 1,000th merchant.
Approximately half of BitPay’s merchants are located in North America, with another 25 percent in Europe. E-merchants account for over 90 percent of business, including IT services, consumer electronics and precious metals.
The company has expanded its offerings, allowing merchants to use Quickbooks small business accounting software and import sales to evaluate their business.
“Our merchants are thrilled with this ability to import into Quickbooks,” BitPay CFO Bryan Krohn said. “It makes reporting their bitcoin sales just as frictionless as the payment itself.”
In August, BitPay processed over 10,000 transactions totaling more than $6.4 million. Since the beginning of the year, more than $34 million in bitcoins has been spent and paid to merchants using the company’s platform.
Developed in 2009, bitcoin is a digital currency independent of any central source. BitPay is a payment service provider specializing in B2B and e-commerce solutions for virtual currencies.