Singh continued: "In the Bitcoin industry it would be great to see Coinbase and Blockchain work together the wallet vendors and the processors all work together. They are young, tech guys who are protective of their own ideas." Roelants added: "Maybe if you look at who is running these companies, they are often young people, people with a lot of great ideas, but not with the experience that you probably need to get this business to the next level.
They don't want anyone to know what they are working on. Singh said: "The industry is very competitive and everybody is very secretive. The company's merchant processing offerings mitigate the risk of Bitcoin price volatility by allowing the merchant to accept Bitcoin and immediately converting it to US Dollars, Euros, or another chosen currency. In 2014 BitPay began processing over $1m per day in Bitcoin payments. Marcel Roelants, BitPay general manager in Europe, added: "We can definitely state from our side we see the opportunity and we would definitely be open to work together with other companies."īitPay is known for its track record of innovations and open source projects involving Bitcoin. Let's try to promote the community," said Singh. You've got all this money people have raised. "Getting the word out there - working together. "Not marketing for their company, but marketing about Bitcoin: 'Why a normal person would use bitcoin, how it can be used.' The top companies could put some of that money together and pay for a little marketing for Bitcoin itself.
He pointed out there has been some $900m raised in VC funding this year. Like in America they used to have those commercials for milk: 'Milk does the body good.' That was a very powerful thing," said Singh. This was not an official announcement, more an over-lunch lamentation about the highly competitive and secretive approach taken by industry players, arguably hindering Bitcoin's progress. Sonny Singh, chief commercial officer at BitPay, told IBTimes: "I think a problem Bitcoin faces is that the largest companies - Coinbase, BitPay, Circle, Xapo - they should all kind of work together and talk more among each other." BitPay, the leading processor of Bitcoin payments, said it's about time the biggest companies in the space began working together, and even suggested the formation of a "Bitcoin Association" to help promote the currency.
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