BitPay, Inc. announced today that they have completed a seed funding round of $510,000 from several angel investors demonstrating that bitcoin can attract the capital necessary to encroach upon legacy payment methods.
2013 will be the year for critical mass understanding of the importance of friction free international payments and I predict Bitcoin will become a global payment network. With very little resource, BitPay has already taken the place as market leader in the bitcoin payment processing ecosystem, and along with the other investors, I am very excited to help the founding team scale up and take it to the next level.
BitPay accepts Bitcoin and then puts “real” money into the bank accounts of businesses. Basically, there’s no worry on the end of merchants, because they end up getting paid the way that they’re used to. The difference is that a small business in Kansas City can now accept a payment from Indonesia for goods and services, which was nearly impossible before.
BitPay says its transaction volume has grown rapidly since its founding, with over $3 million processed in 2012. The pace picked up after it signed WordPress, the blog publishing platform, as a customer.