Between the stock market crash and the COVID-19 outbreak, it seems that in March, the world couldn’t catch a break. We’ll be looking at how these two major factors continue changing the industry and will share what we think it means for us. But first of all, let’s look at the numbers.
Total March 2020 revenue: € 441,008
March 2020 Revenue share: € 44,101
March 2020 Revenue share in ETH: 282.2269 ETH
Share per 100 CPAY: € 0.049
Distribution date: April 9th, 2020
On 12 March 2020, following the crash of global markets, BTC experienced one of its worst days ever when it lost over 50% of its value. Almost everyone blamed the global economic crisis that had been threatening us since the outbreak of COVID-19 with some even predicting that bitcoin would nosedive right to zero. We all know that BTC is a good hedge against a long-term devaluation of fiat currencies — but could it retain its power during a global recession?
Apparently, bitcoin doesn’t intend to give ground as it managed to overcome the slump and reach the new high of 7,300USD. And at the moment it seems like a revival of the bull season, albeit in a much more conservative fashion, which is understandable given the circumstances. With the restrictions imposed by the virus taking their toll, we are very curious to see how bitcoin and altcoins are going to facilitate life during the pandemic.
Cryptopay’s March 2020 revenue is consistent with the overall growing trend of 2020 as the total income of the company has increased by another 5% in comparison to February. And this time it is both B2B and B2C products that contributed to our success, which indicates that at least in this first month of the crisis the fintech industry and cryptocurrencies have been left relatively unscathed by the global COVID-19 situation as many other industries and businesses suffer losses amidst the disruption.
However, we stay cautious and very much aware of the fact that the economic crisis might have a significant impact on us as well: the behaviour and patterns of our clients are changing rapidly, and we will need to be agile and flexible to maintain what we have already achieved and continue growth.
As we’ll be taking a small respite from the more social aspect of the B2B existence, there’s still a lot you should expect in terms of improving and adding new features. When the markets are finally going to return to the pre-pandemic levels, we’ll be ready.
As of today, we’re also launching a checklist that will help our users make sure they’re ready for the upcoming card programme in the EEA. First available only in the UK, we’ll be working on bringing the programme closer to the rest of the EEA shortly. Hopefully, the new card would make your staying-at-home a bit more pleasant — after all, this is the renaissance period of online shopping.
We’re just taking this opportunity to say that we hope you’re doing well. Even though the present brings limitations, it’s also given us a chance to have a little respite and dedicate more time to ourselves. Stay strong. Stay safe.