19 October 2017
visit www.avoka.com

BitPay closes $510,000 funding round

08 January 2013  |  4651 views  |  0 golden egg

Digital payments processor BitPay has closed a $510,000 funding round from a group of well-connected angel investors, including Shakil Khan, Barry Silbert, and Roger Ver.

BitPay, which secured a deal with blog publisher WordPress in November, has seen volumes spike over the past year, processing $3 million worth of bitcoin payments in 2012.

The two-year old firm says it will use the funds to open a technology centre in Atlanta and hire additional employees. The company is currently staffed by its two founders Anthony Gallippi and Stephen Pair.

BitPay is pitching its gateway to businesses as a means of clamping down on card not present fraud.

"Identity theft affects 10 million victims per year, and payment fraud totals over $100 billion per year," states BitPay's Gallippi. "Bitcoin is an enabling technology, it is a global peer-to-peer payment network that will solve these problems and change the world. When businesses look at our service, they see the benefits are very compelling."

Seed investors backing the service include SecondMarket founder Barry Silbert, and Spotify investor Shakil Khan. Roger Ver, who has invested in a number of Bitcoin-connected ventures, paid his share of the funding in the digital currency.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bitcoin-Central backtracks on PSP claims

Bitcoin-Central backtracks on PSP claims

07 December 2012  |  12194 views  |  0 comments | 24 tweets | 10 linkedin
Bitcoin merchants plan own Black Friday

Bitcoin merchants plan own Black Friday

05 November 2012  |  7143 views  |  1 comments | 3 tweets | 1 linkedin
European Central Bank warns of virtual currency risks

European Central Bank warns of virtual currency risks

30 October 2012  |  15682 views  |  6 comments | 19 tweets | 5 linkedin
Hacked Bitcoin exchange Bitfloor reopens

Hacked Bitcoin exchange Bitfloor reopens

28 September 2012  |  6591 views  |  0 comments
Bitfloor exchange shuts down after $250,000 heist

Bitfloor exchange shuts down after $250,000 heist

05 September 2012  |  5701 views  |  0 comments
US State Representative adopts Bitcoin donation system

US State Representative adopts Bitcoin donation system

04 September 2012  |  12906 views  |  2 comments | 1 tweets
BitInstant confirms Bitcoin card plans

BitInstant confirms Bitcoin card plans

23 August 2012  |  8523 views  |  0 comments
Users sue Bitcoin exchange over $460k in missing funds

Users sue Bitcoin exchange over $460k in missing funds

13 August 2012  |  7525 views  |  0 comments
Bitcoin exchange TradeHill sues Dwolla

Bitcoin exchange TradeHill sues Dwolla

07 March 2012  |  9112 views  |  0 comments
Paxum ditches Bitcoin as Tradehill exchange shuts down

Paxum ditches Bitcoin as Tradehill exchange shuts down

20 February 2012  |  10854 views  |  0 comments
Bitcoin POS system developed

Bitcoin POS system developed

21 October 2011  |  12949 views  |  0 comments
Exchange lets users pay cash for Bitcoin at bank branches

Exchange lets users pay cash for Bitcoin at bank branches

22 August 2011  |  13092 views  |  0 comments
Phoney Bitcoins caused MT Gox virtual currency crash

Phoney Bitcoins caused MT Gox virtual currency crash

05 July 2011  |  15004 views  |  1 comments
Bitcoin value crashes after exchange compromised

Bitcoin value crashes after exchange compromised

20 June 2011  |  24005 views  |  0 comments
US senators voice fears over Bitcoin link to online drugs market

US senators voice fears over Bitcoin link to online drugs market

09 June 2011  |  15932 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.com visit www.fivedegrees.nl

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15649 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8810 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7911 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7051 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6180 views comments | 6 tweets | 3 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job