BitPay and Bitmain reach multimillion-dollar Bitcoin software development partnership

Atlanta-based bitcoin payment processor BitPay announced today that it has reached a multi-million dollar development agreement with bitcoin mining hardware provider Bitmain, under which BitPay will create advanced open-source software for Bitmain.

“At BitPay, we recognized an untapped market for mining companies that needed more advanced platforms,” said Stephen Pair, CEO of BitPay. “Having Bitmain as a customer makes perfect sense, and we believe that miners and mining technology providers like Bitmain play an important role in the security and continued success of the Bitcoin blockchain.”

As one of the most successful Bitcoin hardware providers, Bitmain has played a leading role in Bitcoin hardware innovation in recent years.

“BitPay has established itself as a leader in open-source development of the Bitcoin blockchain,” said Jihan Wu, CEO of Bitmain. “We believe that by working together we can truly improve how blockchain transactions are secured and expand the impact of blockchain technology in digital payments.”

About BitPay

Founded in 2011, BitPay is a provider of blockchain payment technology with extensive experience, providing innovative tools for digital payments in e-commerce, business-to-business, supply chain transactions, and service industry leaders such as Microsoft, Valve, and PaySafe.

BitPay, which has offices in North America and Europe, has raised more than $32 million from top investors including Index Ventures, Peter Thiel’s Founders Fund, and Sir Richard Branson.

About Bitmain

Bitmain was founded in 2013. The young company is known as the world's most valuable Bitcoin company. Its purpose is to develop and sell the world's leading Bitcoin mining machines.

Bitmain's four major products (Antminer, Antpool, BTC.COM and Hashnest) are all leading in their respective fields. Bitmain's machines and customers are spread across 100 countries around the world.