Payments Without Borders – BitPay’s Record Funding Announced

On Thursday we had posted that merchant Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term payment processing firm, BitPay, was rumored to be closing a $30 Million Series A venture funding round, valuing the company at $160 million. Today, the deal has been officially announced by BitPay and several of its investors. The funding marks the largest investment to date of a bitcoin related fund, with BitPay having reached $32.7 million in total funding. In its public statement, BitPay commented that the funds will be used to expand globally, adding 70 jobs, mostly in development. The firm also announced that current CTO and Co-Founder Stephen Pair was moving to the position of CEO, with current CEO and Co-Founde Tony Gallippi becoming Executive Chairman.

Leading the investment round is Index Ventures, with participation from Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, Sir Richard Branson, and AME Cloud Ventures. In a post titled Payment without border: Why we’re backing BitPay, Index Ventures stated that their excitement for bitcoins is based on its ability to provide a digital means of payment for the quickly growing online world which has reached 3 billion people.

The view we hold is that, while Bitcoin’s value as an investment asset or a traded commodity– rather like the publicity surrounding it – may ebb and flow, the infrastructure that enables usage of the digital currency and allows these frictionless transactions to happen, is not only a necessary part of the ecosystem, but also fast becoming a critical part of the Internet’s own infrastructure.

Index Ventures compared their current investment to a previous one they had made in Skype. Just like funding Skype was a bet on the underlying VOIP technology, the same is true of investing in the bitcoin industry. Specifically explaining their interest in BitPay, Index Ventures explained that the firm is a “pure-play winner in bitcoin payment acceptance”

According to BitPay, the company is currently processing $1 million in daily bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for over 30,000 merchants. Among customers, 50% are in the US, 30% in Europe, and 20% in the rest of the world.