Blockchain technology platform and merchant bitcoin payments processor BitPay Inc. announced today it is raising $30 million in new funding.BitPay was an early industry leader in bitcoin merchant
BitPay was an early industry leader in bitcoin merchant payments launched in 2011, allowing brick-and-mortar and online merchants to accept bitcoins as payment. This year, the company approached $2 billion in payments processed for merchants and its open-source wallet software, Copay, recently reached a milestone of $3 billion in user payments.
“BitPay plays an important role in the cryptocurrency ecosystem by helping consumers, businesses and other financial institutions seamlessly accept and transfer Bitcoin for goods and services in the real world,” said Max Chee, head of Aquiline Technology Growth, the fund managed by Aquiline Capital Partners LLC that led the Series B round. Chee also said BitPay saw an eightfold rise in revenue from the second quarter of 2016 to the third quarter of this year.
BitPay Chief Executive Officer Stephen Pair said the money would be put toward “improving our customers’ experience with BitPay.” More specifically, the company will continue development of projects to help with the processing of cross-border supply chain payments and other markets underserved by credit cards and banks. The money will also be used for key engineering hires, regulatory licensing, acquisitions and expansion into markets in Asia.