July 2020 Report & Analysis
July 2020 was on a roll. Not only the second half of the year started with a much-expected bull market for Bitcoin, it was an especially fruitful time for us as well. Let’s take a look.
Total July 2020 revenue: €630,931
July 2020 Revenue share: €63,093
July 2020 Revenue share in ETH: 186.1262 ETH
Share per 100 CPAY: €0.070
Distribution date: August 10th, 2020
After months of drought, July 2020 finally saw the start of the bull season for Bitcoin. Trading slightly above $9,100 on 20 July, the price surged to $11,000 just a week later and continues to be on the rise. The last time the coin showed a similar performance was more than a year ago, in June 2019, when it peaked at $11,800.
Considering that Bitcoin landed at an all-time high days after reaching $11,000, it’s not at all outlandish to expect greater things ahead. However, the coin will need to defend the crucial $11,400–11,500 level, traders agree.
This has also been an exciting time for Ethereum fans, as the price of the coin rose by 75% and reached $400 in early August. The two-year high is believed to be set in motion by the anticipation of ETH 2.0 as well as the growth of the DeFi sector and Bitcoin rally.
In July 2020, our revenue grew by another 22% for B2B and 28% for B2C. As the restrictions are easing and life gradually gets back to normal, it’s almost too easy to relax and take the success for granted. But it’s a dangerous path — especially amid the talks of the second wave — and so we prefer concentrating on honest work and not resting on our laurels too much. The B2B is onboarding and hopes to continue to onboard new merchants and will be working on improving services and infrastructure.
In regards to B2C, bank transfers and card deposits have been a big hit — a clear sign our clients are confident cryptocurrency is on the rise and strive to buy more. The UK C.Pay card has been a nice addition to our family of products — we see that it sells and know that with time it will sell more especially as the launch in the EEA is just around the corner.
As the European launch is drawing nearer, we also had to say goodbye to our Russian card programme — sadly, it was frozen on 19 July, almost two years after the launch. As hard as it was to make this decision, we felt unable to guarantee the same level of user experience we’re used to offer with other products. We’re grateful to everyone who enjoyed the collaboration and will be working to come up with an alternative solution in the future.
In other news, we’ve also started work on expanding our team. While we’re not actively hiring yet, we’ve identified a few crucial positions we would like to fill to ensure further growth and work efficiency. And our Support Team can boast new members already; they recently joined us to help with all the C.Pay card questions we’re getting. Bring them on — we’re responding even quicker now. See you in the next issues!