BitPay have established themselves as the go-to company for businesses looking to accept Bitcoin payments and now they just got some more help maintaining that position and distance themselves even more from their competitors.
Richard Branson, founder of the Virgin Group, Jerry Yang, Co-founder of Yahoo as well as handful of other investors have invested $30 million more into Bitpay, having valued Bitpay at around $160 million. The deal is expected to be made public today and shows that investors are starting to believe more and more in the future of the Bitcoin and sees a potential in cryptocurrencies.
While it would seem logical that investors would worry about the price of the Bitcoin, it doesn't matter for them. Instead they just want to ensure that Bitcoin will become the preferred choice of payment online, which would make it profitable for them almost no matter how low the Bitcoin value would go.
BitPay was launched in July of 2011 in Atlanta and had processed around $100 million worth of Bitcoin transactions only a few years later. They signed some big deals including one with Richard Branson, allowing customers to pay for a $250,000 trip to space with Bitcoins.
The CEO of BitPay, Tony Gallippi told the press that the investment will be used towards expanding internationally, focusing primarily on emerging markets. BitPay currently employs 40 people and have expanded from Atlanta to also include San Francisco, Amsterdam and Buenos Aires.