Bitcoin business management company Bitcoin.com has been named the world’s most valuable online marketplace by CoinDesk, with revenues exceeding $2bn (£1.2bn).
Bitcoin.com, founded in 2015, has been valued at more than $1bn (£850m) in its short history, with the company having helped more than 2.5m users trade in the digital currency.
Bitcoin.co.uk, an online marketplace for Bitcoin sellers, was also named the best-performing Bitcoin marketplace in 2018 by CoinMarketCap.
In 2018, the company saw its market cap hit $6.8bn, a figure that grew to nearly $9bn in 2019, before it experienced a dip as the price of Bitcoin slumped.
The site’s recent growth has also been helped by a shift in the industry towards Bitcoin mining, which has seen the cryptocurrency gain popularity in the past few years.
The growth of the online Bitcoin marketplace has also made it easier for people to find sellers for Bitcoin, allowing buyers to bypass exchanges and brokers.
“The Bitcoin ecosystem has gone through a period of rapid growth over the past five years,” said Nicky Woodman, a senior portfolio manager at Bitcoin.co, in a statement.
“This has given consumers a much easier way to buy and sell Bitcoins without the need to visit a merchant.”
As the market value of the Bitcoin business has increased, it has also become more profitable, with profits reaching a record $8.4bn in 2017.
The company also recently launched a Bitcoin trading platform called Bitcoin.net, which it described as a “platform that enables consumers to trade Bitcoins without a merchant”.
However, the platform was shut down in 2018 after it was found to be using Bitcoin addresses for fraudulent purposes.
The Bitcoin.org marketplace also has been one of the most active markets in the cryptocurrency, with many of the site’s users trading in the virtual currency.
The website, which was founded in 2013, has a strong reputation for being one of Bitcoin’s most popular online markets, and is home to many users from across the globe.
The platform was once a popular way for Bitcoin users to buy goods and services, but in the last year it has been shut down and replaced by Bitcoin Cash, a virtual currency created by an unknown party.