Impressive! - - - BitPay Raises $30 Million in New Funding - GoFuckYourself.com

OY · 05-15-2014, 12:20 PM

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BitPay Raises $30 Million in New Funding
Thursday, May 15, 2014
By Rhett Pardon

ATLANTA ? Bitcoin merchant processor BitPay has raised $30 million in funding, the largest ever financing round for a bitcoin-related company.

Started up in May 2011, BitPay rapidly ascended to become the largest merchant bitcoin payment processor. Its network currently has more than 30,000 merchants and processed $100 million in bitcoin payments in 2013.

Since its founding, BitPay also has welcomed and facilitated online adult-related transactions, and counts a rainbow of clients in the biz.

BitPay's CEO, Tony Gallippi, can often be heard on panel discussions at some of the adult business' top events, including those at XBIZ conventions and The Phoenix Forum.

Hundreds of websites operated by The SCORE Group, Playboy Plus, VideosZ, Naughty America and Porn.com offer bitcoin as a payment option through BitPay. Adult payment processor Verotel uses BitPay, and so does Mansion Productions. Mansion integrated its MPA3 affiliate management and tracking software with BitPay.

The $30 million round of funding was led by Index Ventures and counts as investors Virgin's Richard Branson, Yahoo founder Jerry Yang, Founders Fund, Felicis Ventures, AME Cloud Ventures, Horizons Ventures, RRE Ventures and TTV Capital.

Gallippi told CoinDesk this week that the new funding is both a validation of the explosive growth his company has seen over the past year and a way for BitPay to continue its success into the future.

?We have to continue to make our product more scalable,? Gallippi told CoinDesk. ?What works for 1,000 merchants does not work for 100,000 merchants. We?ve got to continue to add new features to the platform, we?ve got to continue to build things that our merchants are asking for.?

He said the company will aggressively expand its international sales team, tripling its work force by adding 70 jobs worldwide to expand its reach.

?When we look at our product, clearly it?s a global product," he said. "We?re starting to get some traction in Europe ? I?d say Europe is about 30 percent of our business right now ? and we felt that it?s going to be really important to add more strategic investors in Europe.?

BitPay's $30 million round is the largest injection into cryptocurrency service providers. Competitor Coinbase secured $25 million in December, and wallet platform Xapo raised $20 million in March.

From XBIZ
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edgeprod · 05-15-2014, 12:45 PM

Clearly, these smart rich people aren't QUITE as smart as GFY's trolls, who know it'll be a worthless market.

Lichen · 05-15-2014, 12:49 PM

Money laundering.

Watch BitPay get "hacked" in the near future.

Klen · 05-15-2014, 12:51 PM

Nice,hopefully they wont fuck up as mtgox.

edgeprod · 05-15-2014, 01:12 PM

Quote:

Originally Posted by Lichen

Money laundering.

Watch BitPay get "hacked" in the near future.

The seed round was Trace Mayer, Ben Davenport, Ashton Kutcher, Matt Mullenweg, Barry Silbert, Shakil Khan, Roger Ver, Jimmy Furland, and possibly others.

This $30 Million private-equity round was Jerry Yang (Yahoo), Richard Branson (yes, THAT Richard Branson), and Index Ventures.

Do you think those guys didn't vet this company, it's value proposition, cap sheet, and that they haven't done complete due diligence? Even mentioning this as a money laundering play just makes me shake my head in disbelief.

dyna mo · 05-15-2014, 01:18 PM

they were built to be a cryptocurrency processor from the ground up. that's good for >2 reasons.

BlackCrayon · 05-15-2014, 01:24 PM

vc money is basically invisible money.

adultmobile · 05-15-2014, 08:43 PM

Quote:

Originally Posted by BlackCrayon

vc money is basically invisible money.

vc money it means bitpay will be then sold to yahoo or facebook or so.

edgeprod · 05-15-2014, 09:48 PM

Quote:

Originally Posted by adultmobile

vc money it means bitpay will be then sold to yahoo or facebook or so.

I'm gonna say Google or FB, if a "big" company acquires them.

adultmobile · 05-16-2014, 10:21 AM

Quote:

Originally Posted by edgeprod

I'm gonna say Google or FB, if a "big" company acquires them.

Ebay (paypal) ? Or even some bank. The VC money it means the company is not seeking for real profits but for sale for 100M+ at later point really.

seeric · 05-16-2014, 10:27 AM

www.GoCoin.com is also impressive. They had a pretty nice crew at the Phoenix Forum.

Super impressive team. https://www.gocoin.com/team

For me you have to look at the backing and the people who actually put their names on these new processing companies, ESPECIALLY virtual currency companies.

Harmon · 05-16-2014, 10:31 AM

I own several of these domain derivatives, so I hope things take off. Much like the Winklyvoss twins

OY · 05-16-2014, 12:04 PM

Nobody liked the adult industry in the beginning either - now everyone is surfing porn, for free.

05-15-2014, 12:20 PM	#1
OY Industry Pioneer Industry Role: Join Date: Oct 2002 Location: USA/EU/ASIA Posts: 5,401	Impressive! - - - BitPay Raises $30 Million in New Funding ** BitPay Raises $30 Million in New Funding Thursday, May 15, 2014 By Rhett Pardon ATLANTA ? Bitcoin merchant processor BitPay has raised $30 million in funding, the largest ever financing round for a bitcoin-related company. Started up in May 2011, BitPay rapidly ascended to become the largest merchant bitcoin payment processor. Its network currently has more than 30,000 merchants and processed $100 million in bitcoin payments in 2013. Since its founding, BitPay also has welcomed and facilitated online adult-related transactions, and counts a rainbow of clients in the biz. BitPay's CEO, Tony Gallippi, can often be heard on panel discussions at some of the adult business' top events, including those at XBIZ conventions and The Phoenix Forum. Hundreds of websites operated by The SCORE Group, Playboy Plus, VideosZ, Naughty America and Porn.com offer bitcoin as a payment option through BitPay. Adult payment processor Verotel uses BitPay, and so does Mansion Productions. Mansion integrated its MPA3 affiliate management and tracking software with BitPay. The $30 million round of funding was led by Index Ventures and counts as investors Virgin's Richard Branson, Yahoo founder Jerry Yang, Founders Fund, Felicis Ventures, AME Cloud Ventures, Horizons Ventures, RRE Ventures and TTV Capital. Gallippi told CoinDesk this week that the new funding is both a validation of the explosive growth his company has seen over the past year and a way for BitPay to continue its success into the future. ?We have to continue to make our product more scalable,? Gallippi told CoinDesk. ?What works for 1,000 merchants does not work for 100,000 merchants. We?ve got to continue to add new features to the platform, we?ve got to continue to build things that our merchants are asking for.? He said the company will aggressively expand its international sales team, tripling its work force by adding 70 jobs worldwide to expand its reach. ?When we look at our product, clearly it?s a global product," he said. "We?re starting to get some traction in Europe ? I?d say Europe is about 30 percent of our business right now ? and we felt that it?s going to be really important to add more strategic investors in Europe.? BitPay's $30 million round is the largest injection into cryptocurrency service providers. Competitor Coinbase secured $25 million in December, and wallet platform Xapo raised $20 million in March. From XBIZ * __________________ Around since 1997, and the company that introduced "Cascading Billing" in MPA3® Affiliate Management and Tracking Software Outsourcing With A Norwegian Twist - NordBits - Inquire within!

05-15-2014, 01:24 PM	#7
BlackCrayon Too lazy to set a custom title Join Date: Jun 2003 Location: Ottawa Posts: 19,631	vc money is basically invisible money. __________________ you don't know you're wearing a leash if you sit by the peg all day..

05-16-2014, 10:31 AM	#12
Harmon ( ͡ʘ╭͜ʖ╮͡ʘ) Industry Role: Join Date: Mar 2004 Posts: 20,000	I own several of these domain derivatives, so I hope things take off. Much like the Winklyvoss twins __________________ [email protected]

05-16-2014, 12:04 PM	#13
OY Industry Pioneer Industry Role: Join Date: Oct 2002 Location: USA/EU/ASIA Posts: 5,401	Nobody liked the adult industry in the beginning either - now everyone is surfing porn, for free. __________________ Around since 1997, and the company that introduced "Cascading Billing" in MPA3® Affiliate Management and Tracking Software Outsourcing With A Norwegian Twist - NordBits - Inquire within!

05-15-2014, 12:45 PM	#2
edgeprod Permanently Gone Industry Role: Join Date: Mar 2004 Posts: 10,019	Clearly, these smart rich people aren't QUITE as smart as GFY's trolls, who know it'll be a worthless market.

05-15-2014, 12:49 PM	#3
Lichen Tube Master Industry Role: Join Date: May 2004 Posts: 1,640	Money laundering. Watch BitPay get "hacked" in the near future.

05-15-2014, 12:51 PM	#4
Klen Industry Role: Join Date: Aug 2006 Location: Little Vienna Posts: 32,235	Nice,hopefully they wont fuck up as mtgox.

05-15-2014, 01:18 PM	#6
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 63,903	they were built to be a cryptocurrency processor from the ground up. that's good for >2 reasons.

05-16-2014, 10:27 AM	#11
seeric .......... Industry Role: Join Date: Aug 2004 Location: .......... Posts: 41,917	www.GoCoin.com is also impressive. They had a pretty nice crew at the Phoenix Forum. Super impressive team. https://www.gocoin.com/team For me you have to look at the backing and the people who actually put their names on these new processing companies, ESPECIALLY virtual currency companies.