Bitcoin payments are on the rise in various regions like emerging markets in Asia. BitPay, one of the largest payments providers, just closed a $40 million extended series B funding round, with participation by VC’s like Menlo Ventures, Capital Nine, and Aquiline Technology Growth.
To date, BitPay has raised a total of no less than 70 million in capital. In 2014, the platform managed to raise $30 million in its Series A round. The most notable investors were Index Ventures, Felicis Ventures, Sir Richard Branson, and RRE Ventures.
The startup mentioned that the money will be used to extend its reach in Asia, where markets like Hong Kong and Singapore are considered to be ripe.
“BitPay had a record 2017 as we processed over $1 billion in bitcoin payments. Since then, we’ve brought on new investors who can help BitPay scale globally to meet customer demand,” said Stephen Pair, CEO of BitPay. He continued ”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.”
Also, BitPay’s, Sonny Singh, Chief Commercial Officer, declared for Bitcoin Magazine that “We were only planning to raise a $30 million round, but due to high demand, we extended the round to $40 million in January. Interestingly enough, this was also during the same time the price of bitcoin started to drop,”. “… this was also the first time Menlo Ventures has ever made an institutional crypto investment.”
What Makes BitPay So Successful?
The most important aspect behind BitPay’s success is the technology that the company uses. Bitcoin, as a form of payment, is disrupting B2B payments, especially for cross-border commerce in Asia.
“Bitcoin’s popularity is spreading rapidly throughout Asia and BitPay has an opportunity to extend its technology solutions across Asia,” declared Sam Lin, director of Capital Nine. He continued “BitPay’s cross-border payment solution helps businesses pay or receive international payments faster and more economically.”
In March, BitPay announced that it has partnered with Bithumb, one of the world’s most important crypto exchanges.
Soon after, BitPay together with Bithumb launched a blockchain-based cross-border solution that is designed to help South Korean companies to pay and receive money faster and with lower fees.
It is important to note that BitPay Wallet consumer adoption is also on the rise. Currently, it has an average of more than $3 billion in transactions.