BitPay raises record USD30M in Series A funding

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BitPay has announced a Series A funding round of USD30M, led by Index Ventures, with participation from Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, Sir Richard Branson, and AME Cloud Ventures.

This fundraising round includes powerful venture capital from London, Geneva, New York, San Francisco and Hong Kong. Jan Hammer from Index Ventures will be joining BitPay’s Board of Directors, along with Mr. Jimmy Furland who represents the original investor group.

The company plans to use the investment to expand globally and create around 70 jobs, primarily software developers. Mr. Stephen Pair has also moved to the position of CEO and Mr. Tony Gallippi is now Executive Chairman.

“Bitcoin is a borderless and frictionless payment system, which is nearing a tipping-point moment in terms of merchant adoption,” said BitPay co-founder Tony Gallippi. “Unlike existing payment technologies such as credit cards, with their high fees and risk of fraud and chargebacks, Bitcoin was designed for the Internet age, offering companies a lower-cost, lower-risk alternative.”

Index Ventures Partner Jan Hammer added: “Bitcoin has emerged as the Internet’s payment system of choice and is now a core building block of the future global economy. By enabling thousands of merchants to accept payment in bitcoins quickly, safely and seamlessly, BitPay is already the proven and trusted winner in this space.”

“We are active in the Atlanta community focused on innovative financial services technology and believe the financial industry is the foundation of all commerce,” said Gardiner Garrard, Co-Founder and Managing Partner, TTV Capital. “We see BitPay playing a key role in the future of electronic payments and paving the path for digital currency bitcoin.”

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