BitPay Raises $2 Million Led by Founders Fund
Just this morning, BitPay’s press office released an announcement that the lead payment processor for bitcoin has raised an additional $2M in seed round financing led by Founder’s Fund.
Founders fun includes three founders of PayPal. In support of his decision to providing funding for BitPay, Brian Singerman, a Partner at Founders Fund said the following, “ECommerce companies see the tremendous value that frictionless international payments bring to their businesses as they expand into emerging markets. BitPay’s ambitions have been global from the outset, and at Founders Fund we have been impressed with the company’s tremendous growth as they sign up hundreds of new customers a day, turning the potential for opportunity into a reality.”
As BitPay has expanded tremendously just in the month of April alone, the what once started as a team of two has now expanded to 10 employees and counting. BitPay added over 1,900 new merchants during the month of April, and they continue to dominate the bitcoin payments space by signing up over 100 new merchants per day. Through BitPay’s service, around $5 million per month worth of bitcoins are spent on goods and services with merchants around the world. Businesses selling electronics, precious metals, and other low-margin products over the internet are seeing a large increase in profitability by accepting bitcoin payments.
As BitPay sets the tone for innovation in the payment processing world, its work has not gone unnoticed, specifically on the international front. Also joining this round of funding is Max Keiser’s fund Heisenberg Capital, a London-based fund focused on bitcoin companies. Having previously interview BitPay Co-Founder and CEO, Tony Gallippi on his show, The Keiser Report, Max has demonstrated a keen interest in the progress and development of bitcoin and the implementation of practical ways to continue to make this digital, decentralized currency flourish.
While the terms of the seed round were not disclosed, although 100% of the existing seed shareholders exercised their pro rata rights to maintain their ownership percentage in BitPay. As we have seen in the past weeks and months, BitPay is worth investing in.
In gratitude, Tony Gallippi, co-founder and CEO of BitPay announced, “We were not looking to raise any capital until later this year, but we could not ignore the opportunity to have Founders Fund involved with BitPay…There’s no single investment firm we would rather have on our team right now than Founders Fund.”
As this is just another step in the right direction for not only BitPay but the future of Bitcoin, Bitcoin Magazine congratulates and commends BitPay and also thanks the Founders Fund for investing in a worthwhile project.