BitPay to Raise $40M During Financing Round

This financial was led by Menlo Ventures for which it is the first investment in the cryptocurrency field
03 April 2018   533

Based on the results of the extended round of financing of the B Series, BitPay received $ 40 million of investments. The round was led by Menlo Ventures, for which it is the first investment in the cryptocurrency field, Recode reports.

In the investment portfolio of the venture company from California, there are also such companies as Roku, Uber and Tumblr. Another investor of BitPay was Aquiline Technology Growth (ATG), which led the first part of the round in December last year.

In December BitPay attracted $30 million totally , and although initially the company announced the closure of the round, it was later decided to extend it. The result of this work is the new investments announced today.

BitPay offers individuals to make secure payments in bitcoins and Bitcoin Cash, while companies can accept crypto-currencies without paying attention to their current market rate and receiving funds for their bank accounts in Fiat.

As partner of Menlo Ventures Tyler Sosin said, the company studied the possibilities of investing in various blockchain start-ups over the past 18 months, but has not yet been satisfied with the options available. Among the attractive sides of investments in BitPay, he noted that the company does not need to bet on the success of any particular crypto currency.

Also representative of Menlo Ventures added that the company intends to expand its presence in the crypto-currency market.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   388

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.