While a “Gold” membership doesn’t come with many benefits, it does bring a certain level of prestige. The only other “Gold” member is would-be competitor Circle, while BitcoinStore is the only “Platinum” member. One of BitPay’s closest competitors, Coinbase, can only claim to have the humble “Silver” membership status.
Functionally, the addition of BitPay to the Bitcoin Foundation means that the company is now entitled to nominate and vote on “industry” class board seats for the foundation. Given the foundation’s new lobbying push in Washington, it’s hardly surprising that the payment processor wants to develop a more formal relationship.
Founded in 2011 by Anthony Gallippi and Stephen Pair, the company works with over 26,000 merchants and processed a staggering $100 million in bitcoin transactions in 2013. The company is currently running on a $2.5 million injection of venture capital.