BitPay, the world’s largest global payment blockchain company, recently closed the extended round of financing for the B series with a total investment of $ 40 million.
This leads to the fact that the total capital raised for Bitpay has reached $ 70 million since it was founded in 2011. New investors in the B-series, led by Aquiline Capital Partners, include Menlo Ventures, Capital Nine, G Squared and Nimble Ventures.
Speaking of these new investors and what this means for the company, CEO Stephen Par said:
“BitPay had a record of 2017, when we processed more than $ 1 billion in Bitcoin payments. We attracted new investors who can help the BitPay system globally to meet the needs of customers. Our goals include key aspects in the field of engineering and regulatory licensing, as well as expansion to emerging markets in Asia. This region has become one of the fastest growing for transactions and acceptance of wallets from BitPay. “
Important investments for BitPay
As Asia plays an important role in the future growth of the company, investments from the region make sense. Capital Nine is an Asian fintech company with millions of customers and other Asian investors in this round: Alvin Liu (co-founder of Tencent) and Yong An Financial Holdings Co. Ltd.
While some of the investors in BitPay are quite active in the crypto currency industry, for Menlo Ventures, cooperation with the company will be the first acquaintance with the space. This company was founded back in 1976 and spent considerable time studying the crypto-currency space to feel comfortable in the market. Tyler Sosin, partner of Menlo Ventures, said:
“We are impressed with the company’s performance – it demonstrated extremely effective growth, which is the hallmark of many large payment service providers. As the leading crypto-currency service on the market, BitPay has good opportunities for using and servicing a rapidly evolving system. “
Earlier it was reported that the platform added support for Bitcoin Cash crypto currency for payments.
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