July was an interesting month for the crypto community. United States Senate hearings brought us some interesting news on the Libra plans and what government officials think of it, but the market seemed to face this news with caution.
Below you can see exactly what has been happening with Cryptopay this month in our regular report.
Now, let’s look at what numbers July 2019 has brought us.
Total July 2019 revenue: € 283,660
July 2019 Revenue share: € 28,366
Share per 100 CPAY: € 0.031
Distribution date: August 8th, 2019
During July 2019, Bitcoin has shocked the whole market by cutting its value by a huge margin. Contrary to many experts’ prediction, Bitcoin price has fallen significantly — from almost $12,500 to $9,500. It should be noted that before that the coin gained strength to reach $13,800 from $8,000, and now again, it fell to its previous price level. However, the medium-term outlook of Bitcoin seems bullish, and many experts say it may reach as high as $15,000 by the end of 2019.
Bitcoin’s dominance on crypto markets has continued to surge, breaking new highs since April 2017. By the beginning of August, its dominance reached almost 68% according to CoinMarketCap, and the price has grown back to the level of $12,000 for a moment.
July 2019 rollercoaster kept users’ interest in crypto and this, of course, reflected positively on the Cryptopay’s revenue. The company earned almost 20% more in July 2019 compared to the previous month thanks to both B2C and B2B products’ performance. This time individual customers produced a significant 30% growth while B2B merchants increased their overall turnover by 13%.
B2C revenue has mostly grown due to the Сryptopay long-term clients constantly using our service from month to month. The growth was due to an increase in an average check per user. Revenues from bank deposits with subsequent trading almost doubled its value.
In July we attended an international mining forum. It turned out to be a great opportunity to get to know the crypto community better, as well as promote our services and increase the volume of card orders for our Russian card programme. We also found a number of clients wishing to partner up with us to get a gateway out of crypto.
Our mobile team has been working hard this whole month and finally is ready to release a new update for both iOS and Android apps allowing our users to buy crypto directly from the App! It’s been long called for and finally, we can share the good news with our community.
This month we enjoyed an increase in processing volumes and also a noticeable uptick in the number of inbound enquiries from merchants wishing to open an account with us. The growth of B2B revenue is associated with an increase in the activity of merchants for currency exchange operations within their account. Invoices and сhannels remained at the same level as in June 2019.
It is possible that the recent bitcoin rally has piqued the interest of many traditional businesses, and we’re thrilled to help as many as possible engage with the world’s new payment rails — bitcoin.
As you can see, July was quite busy, but we’re saving a major part of product news for the end of summer. We’ve been a little late with our GBP bank transfers integration, but it’s finally just around the corner. As for the news regarding the European card programme, we’re not yet ready to share the big news, but are getting closer to the long-awaited finale, so the launch is imminent!
If you have any questions whatsoever regarding our performance or products under development — we’ll gladly discuss everything in one of our Telegram chats (https://t.me/cryptopayofficial or https://t.me/cryptopay_rus).