BitPay is raising 30 million dollars in another round of funding, valuating the company at 160 million dollars. The round will be led by Index Ventures, with big name investors like Richard Branson and Yahoo co-founder Jerry Yang participating, according to TechCrunch. The company already has Hong Kong billionaire, Li Ka-Shing, backing them.
Tony Gallippi has said at conferences that the company doesn’t need to raise extra capital because they are already profitable but would do so anyway to help expand quicker. The company raised 2.7 million from angel and venture capitalist investors last year and has offices in Atlanta, Montreal, Amsterdam, Buenos Aires and Ilford, England.
BitPay is trusted by over 30,000 businesses and organizations, including Gyft, Virgin Galactic, Zynga, WordPress and TigerDirect. Besides being a Bitcoin payment processor the company also differentiates itself by charging customers on a subscription, companies can choose to pay 1% of all transactions or plans start at as low as $30 a month for a professional account.
BitPay processed over 100 million dollars last year. In comparison, Visa, the worlds largest payment processor, has payment volumes in the trillions and is worth over 130 billion.
Given the statistics, Bitpay is the largest Bitcoin company by market cap, and investors are really seeing the promise behind the company and huge potential for BitPay in the multi-trillion dollar payment processing industry.