BitPay Raises Half Million in Funding

BitPay Raises Half Million in Funding

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. Similar to merchant processors for credit and debit cards, BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies.

Investors participating in the seed round include SecondMarket founder Barry Silbert, Spotify investor Shakil Khan, Jimmy Furland, Roger Ver, and other Internet entrepreneurs. Specific terms of the deal were not disclosed but co-founders Anthony Gallippi and Stephen Pair will retain majority ownership. Investors Silbert and Ver also participated in the April 2012 funding round for mining pool operator CoinLab.