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Namecheap recorded an astounding 1.1 million bitcoin transactions with over $73 million generated in revenue.
Revenue Milestone for Namecheap Using Bitcoin
Namecheap has been providing domain registration services for over two decades. In 2013, they became first domain registrar to support bitcoin payments for domain services via Bitpay. In 2020, the company added Btcpay to give its client base even more convenience and flexibility for bitcoin transactions. A recent publication by Btcpay revealed the intricate parts of Namecheap’s remarkable bitcoin revenue.
Namecheap worked with Btcpay to deploy an open-source application programming interface (API) for creating invoices, making payments, refunds, and more. Other functionality included a database and explorer over Bitcoin Core, allowing for unspent transaction output (UTXO) on bitcoin. The final piece was a bitcoin code to verify payments and provide a soft wallet using an open-source project license.
The first Btcpay transaction on Namecheap happened on May 18, 2020. Since then, Namecheap has achieved 1.1 million transactions in total from over 500,000 users spread across 200 countries, generating over $73 million in revenue.
Over time, the number of transactions per user has stayed comparatively constant, reaching 1.85 in 2024. This implies that despite variations in the number of users, the amount of interaction per user remained constant. The average revenue per transaction has also increased over time, reaching $79.30 in 2024. The revenue per user jumped by 23% from 2023 to $146.55 in 2024.
This continues to demonstrate bitcoin’s advancement and how it is significantly influencing companies globally.