We’re back with the latest revenue report that will be touching on repercussions of the halving, life in the time of the Coronavirus and, traditionally, the C.Pay card. But first, let’s look at the numbers.
Total May 2020 revenue: € 452,047
May 2020 Revenue share: € 45,205
May 2020 Revenue share in ETH: 210.4797 ETH
Share per 100 CPAY: € 0.050
Distribution date: June 10th, 2020
Yes, this is a new two-year high.
It’s been almost a month since the third halving and, all in all, a rather quiet time for Bitcoin: trading just below $9,000 on 11 May, it almost reached the $9,800 level in the following days before falling back to $8,700. The rising action that took place afterwards culminated on 1 June, with Bitcoin surpassing the $10,200 point for the first time since last February. While the trading price hasn’t experienced any dramatic rise or fall, the inherent volatility passed on to transaction fees.
With some believing that the third halving would follow the pattern of the previous two (i.e. that the price of Bitcoin would skyrocket), it led to a spike in trading volume and, therefore, demand for processing Bitcoin transactions. For comparison, on 1 January 2020, the average miner fee was approximately $0.365. On 21 May, it shot to $6.60 marking a striking 1,708% spike since the beginning of the year (this was the highest average since almost two years ago). Since then, the average miner fee has been reverting to the pre-halving levels and is now just above $1.
In May, we returned to the status quo as the b2b sector once again was responsible for the greater part of the revenue. The revenue for both sectors has increased by 25% (b2b) and 15% (b2c) in comparison to April 2020. The b2b division has been feeling especially lively as of late — merchants are getting more enthusiastic as they’re starting to process more — a possible sign our clients are confident that corona-related restrictions will be over soon. And we continue signing up businesses, which is rather encouraging.
The b2c team largely owes its success to the wallet transactions: there’s been a noticeable increase in exchange transfers — both for buying and selling crypto — which might be a direct result of heightened interest due to the halving.
The big news of the month is that we’ve launched the EEA card programme in the UK! While we haven’t widely publicised the event just yet, our users are already enjoying the new cards, and we are making sure everything works like a charm. At the same time, we’re getting ready to launch the programme in the rest of the EEA, which should happen in the foreseeable future.
Have you already ordered the new C.Pay card? We’ll be happy to hear what you think about it! Remember that it goes nicely with our referral programme: invite your friends to join us, and they will get a 25% discount on their first C.Pay card, while you will start getting a 10% commission of the fees we charge them. More on the card programme and how it is contributing to the revenue, you can read in the future issues.