OpenNode, which aims simplify bitcoin payments and payouts, has bagged $20m in its oversubscribed Series A funding round.
This investment values the company at $220m.
Kingsway served as the lead investor, with commitments also coming from Twitter, Tim Draper and Avon Ventures.
With the capital, the company plans to bolster its position in the market by upgrading its bitcoin and lightning network payment infrastructure. In the coming weeks, the company will announce new partnerships, product features and clients.
OpenNode helps businesses implement tools for quick and low-cost bitcoin payments and payouts. Its services support bitcoin and local currencies, invoicing, settlement and conversion tools.
OpenNode head of strategy Josh Held said, “OpenNode has believed in the promise of Bitcoin and Lightning-powered payments for a long time, and demand is now growing exponentially.
“For the last two years, the team has been heads-down building solutions that support some of the largest brands and businesses in the world today. This Series A funding is the next step in helping the company to realize our mission of making bitcoin payments simple and accessible for everyone, everywhere”
Speaking on the investment, Twitter product manager Ester Crawford said, “Digital currencies encourage more people globally to participate in the economy, and with less friction. OpenNode is creating easier pathways for anyone, anywhere to access the digital economy through their seamless integration of bitcoin payments.”
The cryptocurrency sector has been off to a stellar start to 2022. There have been several major funding rounds, including FTX Trading, which collected $400m in its Series C round. The deal puts its valuation at $32bn.
Last year was also great for the crypto sector. Over $32bn was invested across 1,524 deals, according to FinTech Global’s data. This is a colossal up spike from 2020, where just $5.3bn was invested through 888 transactions.
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