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Blockchain Startup BitPay Raises $40M for Asia Expansion

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BitPay, a blockchain payments company, closed a Series B of $40 million yesterday, the company announced.

The money, as previously mentioned by the startup, will go towards expanding its international operations. The first stop for this expansion will be Asia. BitPay named either Hong Kong or Singapore as its next potential market, as reported by Recode last December.

The round was led by venture capital firm Aquiline Technology Growth or ATG, and included participation from Menlo Ventures, marking the firm’s first ever investment in a crypto company.

The investment firm views blockchain as essential to the future of the payments industry, according to yesterday’s Recode interview with Menlo Ventures partner Tyler Sosin.

BitPay works with merchants to allow bitcoin and bitcoin cash payments, processing over $1 billion in payments last year. This newest round of funding brings the company’s total equity to $72.5 million.

Read more at Recode and Coindesk.  

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Grace Noto is Associate Editor of Bank Innovation. She has an MA from the University of Essex, as well as BA in English and a BA in Journalism from SUNY New Paltz. Prior to joining Bank Innovation in the summer of 2016, she worked on Electronic Products Magazine, an online publication surrounding technology and computer engineering, and has worked for other publications, including the Poughkeepsie Journal. She also writes in her spare time, and really needs more hobbies.

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