BitPay raises $40M in Series B funding to expand to Asia, total of $70M funding
BitPay, Inc. announced that it will receive a series B round of funding for gross proceeds of $30,000,000 on December 6, 2017. The transaction will be led by new investor Aquiline Technology Growth Fund L.P., a fund managed by Aquiline Capital Partners LLC. Post the closing of the transaction, the total funding raised till date will be $62.700,000.
On April 2, 2018, BitPay, Inc. closed the transaction. The company has received total funding of $40 million in the equity funding. New investor Menlo Ventures led the round. The transaction also included participation from new investors Delta-v Capital, G Squared, Capital Nine News, Passport Capital, LLC and other individual investors Christopher Klauss Family Office, and Alvin Liu. The company has raised $70 Million funding till date.
What is BitPay?
BitPay is one of the largest payment processors specializing in allowing merchants to accept bitcoins for their products and services. If you are an online merchant who wishes to accept bitcoins as a form of payment, Bitpay.com can help you set up your gateway and begin processing digital currency transactions.
BitPay offers several advantages including flat-rate pricing, guaranteed exchange rates, daily bank settlements, and an option for importing bitcoin sales into Quick Books. Bitpay.com is a complete merchant solution that provides reputable and affordable service.
Deal dynamics
BitPay, Inc. will use the proceeds for strategic steps toward solving the problems of the world's most difficult and valuable payments, to manage rapid user growth, to expand, add new crypto currencies, to expand its operations in Asia, to allocate funds to new engineering hires, regulatory licensing, and technology acquisitions.
Tyler Sosin, a partner who is spearheading Menlo's crypto work, told Recode that the firm has been considering investments in various blockchain startups for the past 18 months, but was dissatisfied with its options until it found Bitpay. What’s most interesting about this round is what it says about how Menlo, founded in 1976, will deal with this new sphere of startup innovation.
As a result of the technology provided by BitPay, hundreds of thousands of businesses around the world are now able to accept bitcoin payments. Popular brands like Microsoft, Newegg, Namecheap, Gyft, Takeaway.com and Virgin Galactic use BitPay. As more attention is focused on bitcoin as a form of payment, rather than an asset for trading, its value could increase dramatically in terms of revolutionizing payment systems.
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