Bitcoin payment processor GoCoin has gotten a $1.5 million injection of Series A funding led by Bitcoin Shop among other angel investors including Owen Van Natta and Crypto Currency Partners.
The funding is to be used for additional engineering resources and to help grow GoCoin’s sales force in face of fierce competition from other players like Coinbase and BitPay.
Said Charles Allen, CEO of Bitcoin Shop:
“Our investment in GoCoin reflects our confidence in their product and their team. Not only does it complement our business model, but we felt it was a great opportunity to align with a partner whose business is designed to adapt to rapidly evolving trends in the digital currency marketplace.”
GoCoin is one of the rare payment processors that support multiple digital currencies, including Litecoin and Dogecoin. Altcoins have been added this year as part of making the most of GoCoin’s “currency-agnostic” system and help merchants increase sales through accepting more coins.
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Steve Beauregard, founder and CEO of GoCoin:
“We’ve had an international multi-currency focus since day one, and this round will help extend our global footprint and take our services to the next level.”
Owen Van Natta, angel investor and former VP at Zynga, said, “User demand continues to grow for alternative payments. I’m excited to deepen my involvement with GoCoin and their best-in-class payments solution for merchants and game publishers.”
The partnership will enable Bitcoin Shop to exclusively use GoCoin for payment processing of shoppers opting to pay with digital currency.
The fundraising is part of a noticeable ramp-up in Bitcoin-related business investment over recent weeks, which recently includes multi-million dollar investments in Bitstamp, Circle Internet Financial and Kraken, as well as multiple Bitcoin-related funds.