BitPay banks additional funding for online payment processing

Securing funding for expansion

BitPay, a BitCoin processing solution, has expanded its USD510,000 seed round with the addition of new angel investors including Ben Davenport, Trace Mayer, and A-Grade Investments. The size of the additional funding is undisclosed (reports StrategyEye).

BitPay allows merchants to process payments made by online currency BitCoin, with a guaranteed exchange rate and a lower risk of fraud. The company claims that more than 3,200 merchants uses the platform and to have processed more than USD3.3m in BitCoin payments over the past year. Founded in 2011, the company has used some of its seed fund to relocate to Atlanta’s Tech Village district.

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