At the end of the extended funding round Series B payment bitcoin startup, BitPay received $40 million Round led by Menlo Ventures, the firm for which this is the first investment in the cryptocurrency space, Recode writes.
The investment portfolio of the venture capital firm from California there are also companies like Roku, Uber and Tumblr. Another investor in BitPay made owing to the Technology Growth (ATG), which was headed by the first part of the round in December of last year.
We will remind, then BitPay has raised a total of $30 million, although the company announced the closing of the round, it was later decided to extend it. The result of this work and become the new investment announced today.
BitPay offers individuals to make secure payments in bitcoin and Bitcoin Cash, while companies can accept the cryptocurrency, not paying attention to their current market rate, and receiving funds into their Bank account in Fiat.
As stated by the partner of Menlo Ventures Tyler Sosin, the firm has explored the possibility of investment in various blockchain startups over the last 18 months, but still was not satisfied with the available options. Among the attractive aspects of investment in BitPay, he noted that companies do not need to bet on the success of any particular cryptocurrency.
Also the representative of Menlo Ventures said that the firm intends to expand its presence in the cryptocurrency market.
“We are still in the beginning. We believe that this will come in very large companies,” said Tyler Sosin.
We will remind, in addition to processing services, BitPay supports bitcoin wallets and Bitcoin Cash and issues a prepaid debit Visa card with which users can easily convert the cryptocurrency into dollars, euros or British pounds.
In 2014, the company closed a round of Series A financing, receiving $30 million from Index Ventures, Founder’s Fund, Felicis Ventures, RRE Ventures and Richard Branson.
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