BitPay

BitPay is one of the longest-running cryptocurrency payment processors in the industry. Founded in May 2011 by Tony Gallippi and Stephen Pair and headquartered in Atlanta, Georgia, the company set out to solve a problem that persisted even as crypto adoption grew: owning digital assets was straightforward, but actually spending them in the real world remained difficult. BitPay built the infrastructure layer that connects crypto holders to everyday commerce, merchant settlement systems, and personal finance tools—all without requiring either side to manage the complexities of on-chain custody or volatility risk.

The platform has since expanded into what it describes as an all-in-one super app for crypto, combining a self-custody wallet, merchant payment processing, stablecoin settlements, bill payment, gift card purchasing, and a browser extension into a single product available across iOS, Android, Web, Mac, and Windows. More than one million wallets have been created on the platform.

Core Mechanism

BitPay's payment processing model works by acting as the settlement layer between crypto payers and fiat-receiving merchants. When a customer pays with cryptocurrency at a BitPay merchant, BitPay converts the digital asset to the merchant's preferred currency and deposits the full amount in the next settlement cycle—typically next-day fiat settlement. Merchants never touch crypto directly, require no crypto wallet, and carry no volatility exposure. This model allows businesses to accept digital assets without operational or accounting complexity.

For users, the BitPay Wallet is a self-custody multichain wallet that supports hundreds of cryptocurrencies across major networks. Self-custody means users hold their own private keys rather than delegating custody to BitPay—the platform never holds user funds. Purchases, swaps, and bill payments are executed through integrated third-party providers, with BitPay handling the coordination between the user's wallet, fiat on-ramps, and the merchant or bill payment network.

Solana Integration

BitPay added full Solana network support in August 2025, making Solana one of the core networks in its multichain stack. The integration covers the full product surface: users can buy, store, swap, sell, and spend SOL, SPL tokens, and Solana-based stablecoins all within the BitPay app.

Supported Solana assets include SOL (the native token), USDC on Solana, and USDT on Solana. The integration also allows users to import existing Solana wallets or create new ones directly inside BitPay, and to pay through popular Solana-native wallets including Phantom, Solflare, and Backpack Wallet without needing to migrate funds.

The rationale BitPay cited for adding Solana was the network's transaction speed, low fees, and position as a leading stablecoin rail. Stablecoins already accounted for nearly 40% of BitPay's total payment volume in 2025, and Solana's low-cost stablecoin infrastructure aligned directly with where volume was growing. CMO Bill Zielke described the move as enabling "faster, lower-cost ways to spend, send, and receive digital assets" and noted that Solana is "becoming a major stablecoin network."

For merchants, accepting Solana payments through BitPay requires no additional setup beyond what is already in place for other supported currencies. Solana payments settle in fiat alongside Bitcoin, Ethereum, and other accepted assets. Support for Solana-based merchant payouts was listed as a planned future addition at the time of launch. The 1916 Company, a luxury watch and jewelry retailer, was among the first merchants to accept Solana payments through BitPay when the integration launched.

Key Features

Self-Custody Wallet: BitPay's wallet is non-custodial, supporting multiple blockchains in a single interface. Users control their private keys, and funds are never held by BitPay. The wallet is available across all major platforms including iOS, Android, Web, Mac, and Windows.

Merchant Payment Processing: BitPay provides a REST API and pre-built plugins for Magento 2, Shopify, WooCommerce, and BigCommerce, as well as dashboard-based invoice creation and email billing tools for businesses that do not operate an e-commerce storefront. In-person payments are handled through BitPay's checkout mobile apps for iOS and Android.

Stablecoin Payments: The platform places particular emphasis on stablecoin utility. Users and merchants can transact in USDC and USDT on Solana, Ethereum, and other supported networks. The settlement infrastructure handles conversion to fiat on the merchant side, removing crypto custody requirements entirely.

Bill Pay and Gift Cards: BitPay allows users to pay traditional bills—credit cards, mortgages, utilities—using crypto balances, and to purchase gift cards from more than 250 major brands. This extends the spending utility of Solana assets to a wide range of everyday merchants and services that do not natively accept crypto.

HODL Pay: A feature that lets users spend crypto at face value without fully liquidating holdings—effectively paying the dollar equivalent of an asset while retaining the underlying position.

Cash Out: Users can convert crypto holdings to fiat and transfer funds to a bank account, debit card, or PayPal account directly from the wallet.

Developer Tools

BitPay maintains a REST API at developer.bitpay.com with documentation covering custom integrations, code libraries that abstract API complexity, recurring payment scheduling, and cross-border payment flows. The API enables merchants to create invoices, manage settlements, and embed crypto checkout into existing payment infrastructure. Email billing functionality supports one-off and recurring invoice delivery.

Regulatory Standing

BitPay holds NMLS ID #1496848 and is licensed by the New York State Department of Financial Services (NYDFS) to conduct Virtual Currency Business Activity. The NYDFS BitLicense requires compliance with capital requirements, cybersecurity standards, anti-money-laundering controls, and consumer protection rules—among the more demanding state-level crypto regulatory regimes in the United States.

Funding and Backing

BitPay has raised more than $103 million across multiple funding rounds since its founding. Its investor base includes Founders Fund, Index Ventures, Felicis Ventures, RRE Ventures, Sir Richard Branson's Virgin Group, and Menlo Ventures, among other institutional and angel investors. The company completed a $30 million Series A round in 2014 and a $40 million extended Series B round in 2018.

Solana Ecosystem Fit

BitPay's integration of Solana connects one of the highest-throughput blockchains to a payment rails network with more than a decade of merchant relationships and regulatory compliance. For Solana users, it opens a direct path to spend SOL and Solana stablecoins at real-world merchants, pay bills, and buy gift cards without first converting to fiat through an exchange. For merchants, it provides access to Solana's user base through a settlement model that carries no crypto exposure and requires no additional technical overhead.

The Solana fit is particularly relevant for stablecoin use cases. USDC and USDT on Solana benefit from the network's low transaction fees and fast finality, and BitPay's settlement infrastructure routes these assets through to merchant accounts in fiat at competitive rates. With stablecoins representing a substantial and growing share of BitPay's payment volume, the Solana integration positions BitPay to capture an increasing portion of on-chain stablecoin commerce as Solana's role in that market expands.