BitPay, the first prominent cryptocurrency processing service, was launched in July 2011, enabling businesses to accept Bitcoin (BTC) as a legal payment method.
By the end of 2012, BitPay had attracted approximately 1,000 merchants, and that number had grown tenfold in just one year. By the end of 2013, BitPay had expanded its reach to 164 countries, processing transactions worth over $100 million.
In May 2014, major investors such as Virgin Group's Richard Branson mobile phone number data updated 2025 and Yahoo co-founder Jerry Yang invested $30 million into BitPay. At the time, the company was valued at $160 million, with Bitcoin's market price hovering around $115.
BitPay dominated the cryptocurrency payments market until 2017, when the value of Bitcoin skyrocketed, sparking interest in cryptocurrency transactions and opening the door for new players.
Soon, new entrants like Coinbase Commerce, CoinPayments, CryptoCloud, and Plisio emerged. Plisio in particular gained popularity for its flexible payment gateway that supports multiple cryptocurrencies, has competitive transaction fees, and has recurring payment features and invoicing capabilities.
With competition intensifying, research from Bing Ventures and Alchemy Pay predicts that the global cryptocurrency payments market could grow to $316 billion to $362 billion by 2026. Additionally, Boston Consulting Group predicts that the value of tokenized assets could reach $5.2 trillion by 2026 and surpass $16 trillion by 2030.
Real-world examples of crypto payment processing
Many well-known companies have adopted cryptocurrency payment solutions to stay competitive:
Tesla briefly accepted Bitcoin for car purchases, setting the standard for corporate cryptocurrency adoption
PayPal allows US customers to buy, hold, and sell cryptocurrencies directly through their accounts.