It’s a bull market for BTC: in January, the cryptocurrency finally overcame a three-months slump and went beyond the 9,600USD level. So, it seems that in light of current events, Elon Musk’s recent tweet about bitcoin not being his *safe* word is only fitting. Meanwhile, we’re quite in the mood for breaking our own records, and the outcome is glorious. Let’s look at the numbers.
Total January 2020 revenue: € 406,785
January 2020 Revenue share: € 40,678
Share per 100 CPAY: € 0.045
Distribution date: February 8th, 2020
January 2020 Revenue share in ETH: 199.3945 ETH
As we are just three months away from the bitcoin halving, 2020’s data shows that the market is fairly positive about the BTC’s medium-term outlook. The prices have recently grazed the 9,600 USD levels so we are now waiting for the new achievements in February 2020. According to the latest statements of JP Morgan, the BTC’s intrinsic value remains below the market price, and so, although the bulls may have to take a break in the short term, we are hoping for the new heights to be reached later in 2020.
On the one hand, January 2020 has had some negative developments on the global markets and in the blockchain industry: the coronavirus outbreak continues to spread across China injuring the nation’s economy; it is now thought that Facebook will hardly launch Libra in 2020, and a number of experts commented on BTC still being too volatile to become a store of value. Nevertheless, the optimistic sentiment remains intact, and we’ve seen a number of positive signals such as the Bank of Japan getting ready to issue digital currencies; record volumes of bitcoin futures trading on certain exchanges and, of course, a brand new bitcoin emoji: ₿.
We are proud to announce that Cryptopay’s revenue for January 2020 is the highest it has been for the past 22(!) months since the end of 2017 market frenzy! January 2020 results are 22% better than in the previous month and 17% better than in November 2019 (the previous record of the past months).
Both B2C and B2B lines of business contributed to this outstanding result. B2C customers follow the market: as BTC and alt-coins continue to grow, our users try to catch the perfect buy opportunity before the halving later this year. We’ve seen equivalent growth in all B2C products — from simple exchange transactions to card deposits and even the Russian card programme.
B2B service is developing in line with our expectations: the double-digit growth in B2B revenues during 1Q 2020 is happening thanks to a number of new merchants who were on the final stage of onboarding at the end of the previous year.
The team has got their hands full with adding new cryptocurrencies and enabling new processing tools (invoice emails and website payment buttons that will allow our corporate clients to accept payments in a matter of mere minutes) and making working with transactions shown in the account that much more convenient and all-around pleasant.
They’re also continuing to develop API-tools that will allow merchants to build and automate transaction monitoring processes. And, as if it weren’t enough, they’re also expecting to enter into partnerships with a few prominent brands.
Card program launch
We are glad to announce that CPay will roll out cards, at last. We’ve been all waiting for more than 2 years and here we go. This was a long journey for us and for Wirecard, our issuing partner. Let’s look back at the timeline:
And beside these milestones that we were aware of from the very beginning, the most time-consuming parts turned out to be some unexpected events or new policies that we had to be compliant with.
Many vital audits of every aspect of the process: compliance policies, approval of the available cryptocurrencies and creating related policies — by the way, that’s why we didn’t add more before the start of the programme as we didn’t want a further delay. Then we underwent the same checks from VISA: as a publicly listed company and a reputable financial institution they understandably wanted to conduct their own due diligence and compliance checks which we absolutely welcome and support!
We’ve all learned patience as this is not the typical start-up way of shipping anything in two sprints. Now, all the roadblocks are removed and we can see the finish line. So, assuming there will be no alien invasion or new ice age, we will be issuing our cards from March. More details to follow.