BitPay closes record $30 Million funding round

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 service provider BitPay has closed a record $30 million series A funding round.

After rumored to be closing a funding deal late last week, BitPay official announced the closing of the investment round resulting in a total of $32.7 million invested in the firm to date. The investment round was led by Index Ventures, with participation from Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, Sir Richard Branson, and AME Cloud Ventures, and resulted in the largest investment ever to be put into a Bitcoin related company.

“Bitcoin is a borderless and frictionless payment system, which is nearing a tipping-point moment in terms of merchant adoption. Unlike existing payment technologies such as credit cards, with their high fees and risk of fraud and chargebacks, Bitcoin was designed for the Internet age, offering companies a lower-cost, lower-risk alternative,” said BitPay co-founder Tony Gallippi.

The new funding will be put towards global expansion, most notably in development. The firm will be adding 70 new available positions shortly. Along with the additional positions being made available BitPay’s managerial staff will see some changes. CTO and Co-Founder Stephen Pair will be taking over for Tony Gallippi as CEO, while Gallippi will take the position of Executive Chairman.

Investment leader Index Ventures posted to its blog an entry titled “Payment without border: Why we’re backing BitPay” to which they 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.

BitPay processes over $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 and supports over 30,000 merchants which include TigerDirect.com and Zynga.

SOURCE: Digital-Currency Magnates