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.