Business, Investments

Yahoo co-founder & others invests $30M in a bitcoin startup

Based in Atlanta, the payment service provider Bit Pay, has raised USD 30 million at a valuation of USD 160 million, reported TechCrunch’s Kim-Mai-Cutler. The round was led by Richard Branson with Yahoo co-founder Jerry Yang and Index Ventures.

The company will use the fund for growth initiatives, expanding business network, as well as accelerating its growth in existing categories.

Launched in 2011, Bitpay is a venture of Anthony Gallippi and Stephen Pair. Till date, including this round, the company has secured a total funding of USD 32.50 million.

This includes two rounds of seed investment (USD 2.50M, 2013) from investors such as Barry Silbert, Shakil Khan, Matt Mullenweg, Ben Davenport, Jimmy Furland, Trace Mayer and others.

The company provides instantaneous transaction of currency Bitcoin from anywhere in the world without any risks or chargebacks. It has also launched payment gateway, plugins for 22 e-commerce solutions, a powerful API and instant integration into e-commerce web services.

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