Investment Group Pours $30 Million into BitPay

BitPay Secures $30 Million Investment for International Expansion

BitPay, the Atlanta-based company that facilitates Bitcoin payments for businesses, has announced a significant investment of $30 million. This investment, set to be made public today, is a testament to the growing confidence in the potential of Bitcoin as a viable online payment method.

The investment round was led by notable figures such as Richard Branson, founder of the Virgin Group, Jerry Yang, Co-founder of Yahoo, and other undisclosed investors. This investment will be used to fuel BitPay's international expansion, with a focus on emerging markets.

Tony Gallippi, the CEO of BitPay, stated that the investment will help the company expand beyond its current locations in Atlanta, San Francisco, Amsterdam, and Buenos Aires. The exact countries for BitPay's international expansion have not been specified, but the focus will be on emerging markets.

Despite the concerns about the price volatility of Bitcoin, the investors are not primarily concerned with the price of Bitcoin. Instead, they are interested in its potential to become a preferred online payment method. This investment indicates a growing belief among investors in the future of Bitcoin and cryptocurrencies.

BitPay's international expansion plans come after the company had processed around $100 million worth of Bitcoin transactions a few years after its launch in July of 2011. Currently, BitPay employs 40 people.

The investment could help BitPay to further distance itself from its competitors in the Bitcoin payment processing sector. With this new investment, BitPay's total valuation is now approximately $160 million.

This investment is a sign of the growing acceptance of Bitcoin as a legitimate form of online payment. BitPay's significant deal with Richard Branson, allowing customers to pay for a $250,000 space trip with Bitcoins, is one example of this growing acceptance.

In conclusion, the $30 million investment in BitPay is a significant step forward for the company and the Bitcoin industry as a whole. It underscores the belief that Bitcoin has a bright future as a preferred online payment method, and BitPay is well-positioned to lead the way in this exciting new frontier.