According to the latest news reported by bitcoinmagazine.com, BitPay is getting ready to explore the Asian crypto market after raising $40 million in a Series B funding.
Although, bitcoin is not performing according to the expectations and looming around the $7000 mark yet bitcoin payments have not suffered internationally. The emerging Asian markets are benefitting from crypto transactions by facilitating low-cost payment solutions for overseas trade.
The successful collect of $40 million through BitPay’s Series B funding has boosted its trust on bitcoin. The funding was provided by popular investor Menlo Ventures along with numerous Asian investors like Capital Nine. The American technology entrepreneur and founder of Internet Security Systems, Christopher Klaus, and co-founder of Tencent also invested during the funding round.
Till now, BitPay has been able to raise more than $7 million in the capital. In its series A funding of 2014, the company raised $30 million from investors like Founders Fund, Felicis Ventures, Index Ventures, Sir Richard Branson and RRE Ventures.
CEO BitPay, Stephen Pair said, “BitPay had a record 2017 as we processed over $1 billion in bitcoin payments. Since then, we’ve brought on new investors who can help BitPay scale globally to meet customer demand. Our goals include key hires in engineering and regulatory licensing, as well as expansion into emerging markets in Asia — one of BitPay’s fastest-growing regions for transactions and wallet adoption.”
In another statement, Sonny Singh, Chief Commercial Officer BitPay said, “We were only planning to raise a $30 million round, but due to high demand, we extended the round to $40 million in January. Interestingly enough, this was also at the same time the price of bitcoin started to drop. Moreover, this was also the first time Menlo Ventures has ever made an institutional crypto investment.”
BitPay’s Asian crypto ambitions start
BitPay has been praised by market experts for accumulating $70 million against a technology-based idea. The company has revolutionized B2B payments especially as the cross-border platform in Asia. The blockchain based payment solution for South Korea was developed after BitPay joined hands with Bithumb, a big crypto exchange.
In a similar news reported in ccn.com, BitPay has allowed its users to deal in bitcoin cash. The step was taken to minimize credit card frauds or chargebacks. The payment system will be hoped to benefit people indulged in microtransactions like food delivery or video games. The users will have the option to choose bitcoin or bitcoin cash for any transaction.
BitPay owners are also promoting the system as the safest platform to undertake cross-border transactions. Due to BitPay’s international expansion, innumerable businesses around the world will be able to accept bitcoin as payment. Currently, big players like Newegg, Gyft, Microsoft, Namecheap use BitPay. BitPay’s monthly transaction average counts more than $3billion. As bitcoin gets accepted as a mode of payment rather than just an asset it uses and value will drastically increase.
The Asian market seems favorable for BitPay’s rise, but the outcome indeed depends on the upcoming guidelines released by different governments.