BitPay, BTC and the BCH payment platform, have raised an additional $10 million in the $30 million planned Series B funding. The company received financial support from venture capital firms Menlo Ventures and Aquiline Technology Growth (ATG). The announcement for Series B came in December 2017 – ATG led the campaign, with the fund’s head Max Chee applauding BitPay’s financial performance.
According to tech website Recode, Stephen Pair, Bitpay CEO, said that the company increased the figure due to “high demand”, “We wanted to make sure that anybody who wanted to participate could, and announcing it serves that purpose.” Series A raised $30 million in 2014 and since then, BitPay has successfully handled more than $1 million BTC payments. However, this time the company wanted to use the money to solve various payment problems.
The company has big goals for 2018 post-raise, including key engineering hires, regulatory licensing, technology acquisitions, and expansion into emerging markets in Asia — one of BitPay’s fastest-growing regions for transactions and wallet adoption.
Stanford graduate, and Principal / Partner at Menlo Ventures, Tyler Sosin, said that for a year and a half, the company was looking at various blockchain startups. However, they couldn’t find one that was suitable or exciting, until they came across BitPay. Speaking about funding other startups, Sosin said, “It’s early, early days. We imagine there will be some very big companies.”
BitPay’s platform offers visa cards, payment methods for retail, e-commerce and other businesses, and an open source wallet for storing BTC and BCH. It recently partnered with South Korean cryptocurrency exchange Bithumb to allow cross-border blockchain payments. Chief commercial officer of BitPay, Sonny Singh, has said that regulations imposed by countries (including South Korea) are not as bad as some people think, “I think regulators don’t want to ban it, they just want to regulate it more and make sure it’s all being done in a legal way which is actually good for the industry.”