April 4, 2018
Delta-v Capital is excited to announce its recent investment in BitPay, the global leader in blockchain payment processing. Serving businesses and consumers on six continents, BitPay’s platform provides powerful tools for secure blockchain payment acceptance, storage, and spending. Its suite of open source products facilitates cross-border payments for businesses and empowers consumers to manage digital assets with the BitPay Wallet and BitPay Card.
Founded in 2011 during Bitcoin’s infancy, BitPay now processes payments for over 60,000 merchants including Microsoft, Gyft, Newegg, and Virgin Galactic. Working with more than 40 e-commerce and point of sale integrators to promote the use and acceptance of bitcoin, BitPay achieved record growth last year, increasing revenues by nearly 700%. The company is on track to transact more than $4 billion in annualized payment volumes in 2018.
“BitPay had a record 2017 as we processed over a $1 billion in bitcoin payments. We brought on these new investors who can help BitPay scale globally to meet customer demand,” shared Stephen Pair, BitPay CEO. Led by Aquiline Capital Partners with participation from Delta-v Capital, the $40M Series B round will fund engineering hires, regulatory licensing, technology acquisitions, and expansion into emerging markets in Asia, one of BitPay’s fastest-growing regions for transactions and wallet adoption.
“I think that we will look back at the advent of distributed blockchain technology as one of the most revolutionary advances since the internet, and the first area in which that disruption is already taking hold is around financial stores of value and payments,” said Dan Williams, Principal at Delta-v Capital. “We are excited to be partnering with the BitPay team who were on the front edge of that movement in 2011 and continue to lead the charge towards increasing adoption and ease of use of Bitcoin and other crypto currencies.”