An interview (archive) conducted by UK Business Insider's Oscar Williams-Grut with BitPay's co-founder and CTO Stephen Pair reveals the company continues to struggle in its attempt to entice new customers to spend their bitcoins at one of the 60,000 merchants the payment processor claims to have signed up over a four year period since it launched back in May, 2011. Perhaps ignorant to the fact bitcoin holders might be inclined to spend their coins if accepted at actual value and not the price set by the likes of BitPay, Bitstamp, Bitfinex and so forth, Pair told Business Insider:
We keep adding merchants – we're up to over 60,000 now — but they're selling to the same pool of Bitcoin early adopters. At Bitpay we've never thought there'd be this overnight adoption where you get people using it this year or even next year. It's going to take some time. In the industry there's a realisation that yes it's an incredible technology but it's going to take a while for it to mature.
After a disappointing showing at the 2014 Bitcoin Black Friday sales and the lay offs of nine employees earlier this year, Pair signalled BitPay might be about to pivot away from being a payment processor:
We're talking to quite a few banks, they're very serious, they want to do pilot projects and they can't start working on them fast enough. There are so many use cases in a bank that this technology can address and make better. There are some use cases that almost all of them want to do, like how do you do clearing and selling between banks more efficiently. Just being able to transfer a balance between banks, to have that happen instantaneously and settle immediately.