BitPay helps corporates in sending and receiving cross border Bitcoin and Blockchain payments and on 3rd April, 2018 it secured $ 40 million in funding.
Delta-v Capital, Menlo Ventures, G Squared, Nimble Ventures and Capital Nine lead a series of new investors to invest in this extended Series B round. Apart from this there were individual investors who also participated in this funding which rose the total funding to more than $70 million by BitPay.
Stephen Pair, the CEO of BitPay said that the investment comes at an important time for BitPay.
Stephen Pair said “BitPay had a record 2017, as we processed over $1 billion in bitcoin payments,” he also added “We brought on these new investors who can help BitPay scale globally to meet customer demand. Our goals include key hires in engineering and regulatory licensing, as well as expansion into emerging markets in Asia — one of BitPay’s fastest-growing regions for transactions and wallet adoption.”
Tyler Sosin a partner at Menlo Ventures “We gravitated towards BitPay because we felt the company had identified a killer use for crypto in facilitating low-cost payment solutions for cross-border commerce and B2B payments, which is a massive market poorly served by the existing payment rails” and in another statement “We are impressed with the company’s execution; it has demonstrated extremely efficient growth and a stickiness with merchants and consumers that is the hallmark of many great payment service providers. As the market-leading crypto-processor, BitPay is well-positioned to both benefit from and serve the fast-moving crypto-ecosystem.”
Stephen Pair added “We’ve been able to solve some of our customers’ biggest payment problems, from multimillion-dollar B2B payments to day-to-day expenses,” and also “Continually improving our customers’ experience with BitPay is a priority for us as we plan our next steps for product development.”