BitPay is an international payment service provider that allows companies to accept bitcoin as payment. Formally, BitPay participates in the transaction on behalf of the recipient, accepts and immediately converts bitcoin into one of 30 currencies of the client's choice, allowing clients not to worry about price volatility. BitPay transactions are irreversible, which makes them attractive to merchants who operate internationally.
BitPay conducted the second round of financing and attracted Menlo Ventures, Capital Nine, G Squared, Nimble Ventures and Delta-v Capital as investors, in addition, individual investors also participated in the financing. Funds raised by BitPay totaled more than $70 million.
“In 2017, BitPay broke its own record by processing over a billion payments,” said BitPay CEO Steven Pair. “We have attracted new investors who can help BitPay internationally meet customer needs. We want to attract the best engineers and regulatory licensing specialists, and we also plan to expand our activities into the emerging markets of Asia, which are the most promising in terms of transaction volume and wallet acceptance."
For Menlo Ventures, this is its first investment in the cryptocurrency market.
"We chose BitPay because they are a leader in providing cryptocurrency payment solutions in the cross-border trade and B2B payments market, which is a huge market poorly served by existing payment providers. systems,” said Tyler Sosin, director of Menlo Ventures. “We are impressed with the company's performance; it has demonstrated extremely efficient growth and is recognized by traders and consumers. As a market-leading cryptocurrency payment processor, BitPay is well-positioned from both a revenue and customer service perspective in the rapidly evolving cryptocurrency environment.”
Last December, BitPay announced plans to raise a second round of $30 million in funding led by Aquiline Technology Growth. The first round of financing for the same amount was completed in 2014.
“We were able to solve some of the most important problems of our clients, from multi-million dollar B2B payments to daily expenses,” Stephen Pair noted then. “Continually enhancing our customers' experience with BitPay is a priority for us as we plan to take the next steps in product development.”
According to https://www.pymnts.com
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