it's all about the bitcoin baby

BitPay Scores Record $30M in Funding, Aided by Richard Branson

They'll create 70 new jobs in three countries.
"Bitcoins in space you guys" - Richard Branson, probably (DON EMMERT/AFP/Getty Images)

“Bitcoins in space you guys.” – Richard Branson, probably (DON EMMERT/AFP/Getty Images)

Money talks, and this massive cryptocurrency funding round says that bitcoin’s reputation has bounced back quite nicely from the setbacks it suffered earlier this year.

Bitcoin processing company BitPay just secured a boatload of cash — $30 million to be exact — from investors including Virgin Group founder Sir Richard Branson.

This Series A funding round constitutes the largest venture funding injection into any bitcoin startup. It brings BitPay’s total accumulated investment to $32.7 million, says a release from BitPay.

The startup helps merchants to accept bitcoin as a form of payment. Clients include WordPress, Zynga and Mr. Branson’s Virgin Galactic. BitPay handles about $1 million per day in transactions.

Leading the round was Index Ventures, which is responsible for starting companies like ASOS, Moleskine, Etsy, Dropbox, Nasty Gal and Skype. Horizons Ventures, Founders Fund, Felicis Ventures, RRE Ventures, TTV Capital, AME Cloud Ventures and Mr. Branson also participated in BitPay’s funding round.

The venture capital funds will be used to expand the company globally and create about 70 jobs, the release states, tripling the company’s workforce among its teams in Atlanta, San Francisco, Buenos Aires and Amsterdam.

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