BitPay Closes $510,000 Seed Round

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bitcoin[Techtaffy Newsdesk]

Bitcoin payment processing company BitPay, has taken their first outside investment, by closing a seed round totaling $510,000. Investors included Shakil Khan, Barry Silbert, Jimmy Furland, Roger Ver, and other angel investors. Investor Roger Ver, paid his investment contribution using bitcoins.

Over the past year, BitPay has seen transaction volume accelerating with average quarter-to-quarter growth of 50% over the past four quarters, says the company. The total dollar value of all orders processed by BitPay in 2012 was over $3 million, and all orders were paid using bitcoin.  

BitPay plans to use the funds to open their Technology Center in Atlanta, move their headquarters to Atlanta, and hire additional employees.

BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. BitPay offers tools to accept bitcoin payments online or in person, with the option to receive the funds as a bank direct deposit.

[Image courtesy: BitPay]