BitPay, a Bitcoin digital currency operator, has secured funds of nearly $30m through a Series A funding round from a group of investors including Horizons Ventures, Founders Fund, Sir Richard Branson, and AME Cloud Ventures.
The fundraising, touted to be the largest capital investment in digital currency sector, valued the company at $160m with Index Ventures leading the financing that also included investments from Felicis Ventures, RRE Ventures and TTV Capital.
Go deeper with GlobalData
Branson was quoted by CNET as saying that the banking industry is going through an enormous change and innovation with BitPay continuing to build trust during the ongoing currency revolution.
The current investment is much higher than $2.7m that the company secured during the fundraising session in 2013.
BitPay intends to use the funds to fuel global expansion, alongside tripling its work staff across its units in Atlanta, San Francisco, Buenos Aires, and Amsterdam hiring around 70 software developers, reported Finextra.
The digital currency operator is looking to undertake open source projects around Bitcoin providing merchants with added value services such as accounting and tax reporting software.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBitPay processes bitcoin payments of over $1 million per day from 30,000 merchants that includes WordPress, TigerDirect, Shopify, and Virgin Galactic – Sir Richard Branson’s ambitious commercial space travel firm.
