BitPay Expands Seed Round with VC Investors

ATLANTA--(BUSINESS WIRE)--BitPay, Inc., the world leader in bitcoin payment processing, has expanded its Seed round of funding by adding more angel investors, including Ben Davenport, Trace Mayer, and A-GRade Investments.

“Once companies realize that credit cards were designed in the 1950s, suddenly they can see all the waste, fraud, risk, and cost that they incur trying to use the technology in a card-not-present situation. Credit cards were never designed for the Internet!”

“As bitcoin continues to grow in popularity – just read the recent WordPress or MEGA news – more merchants will want to accept them, and BitPay offers the most versatile platform for any company to add bitcoins to their choice of payment options,” says Anthony Gallippi, co-founder and CEO of BitPay. “Once companies realize that credit cards were designed in the 1950s, suddenly they can see all the waste, fraud, risk, and cost that they incur trying to use the technology in a card-not-present situation. Credit cards were never designed for the Internet!”

BitPay now has over 3,200 merchants using its platform to accept bitcoin payments, and recently disclosed that in 2012 they processed over $3.3 million in bitcoin payments for its merchants. BitPay has developed significant expertise in this area, understanding all of the edge conditions and scalability issues that a company would face trying to use bitcoin, and this expertise puts BitPay way out in front of the bitcoin processing space.

BitPay recently announced their seed round of funding from a small group of angel investors including Shakil Khan, Barry Silbert, Jimmy Furland and Roger Ver. In February, BitPay moved its offices to the Atlanta Tech Village in the heart of Buckhead’s Financial District.

BitPay was started by Gallippi and his partner Stephen Pair in 2011. The company has developed a suite of software tools that allow businesses to collect payments over the bitcoin peer-to-peer payment network. Using BitPay, a business can accept a payment from any country on earth, instantly, with zero risk of fraud. BitPay also offers the added convenience of having the bitcoins automatically converted to a merchant’s local currency, such as dollars or euros, and direct deposited into their bank account with a guaranteed exchange rate.

BitPay has the most expansive line of bitcoin payment tools available, including the leading Payment Gateway API for bitcoin, and plugins for popular eCommerce platforms such as WordPress and Magento.

About BitPay

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com