Bitcoin Company OpenNode Raises $20M At $220M Valuation

Bitcoin payments steadfast OpenNode closed an oversubscribed $20 cardinal bid A rise astatine a $220 cardinal valuation, the institution said successful a property merchandise sent to Bitcoin Magazine.

“OpenNode has believed successful the committedness of Bitcoin and Lightning-powered payments for a agelong time, and request is present increasing exponentially,” OpenNode’s caller caput of strategy, Josh Held, said, per the release. “For the past 2 years, the squad has been heads down gathering solutions that enactment immoderate of the largest brands and businesses successful the satellite today. This Series A backing is the adjacent measurement successful helping the institution to recognize our ngo of making bitcoin payments elemental and accessible for everyone, everywhere.”

Held told Bitcoin Magazine that the institution plans connected employing the round’s proceeds to adhd caller products and services to its suite of offerings, including a outgo wallet, an account-linked debit card, caller section currency colony options, and sub-accounts.

U.K.-based concern absorption steadfast Kingsway Capital led the concern round. Twitter, task capitalist Tim Draper, and Fidelity Investments-affiliated task superior money Avon Ventures besides participated successful the round.

“Bitcoin, complemented by the Lightning Network, is going to beryllium the astir important exertion for fiscal inclusion,” Kingsway Capital laminitis Manuel Stotz said, per the release. “We are precise excited by OpenNode’s deployment of the Lightning Network to marque the committedness of bitcoin arsenic a global, censorship resistant and permissionless outgo web a reality.”

According to the release, Draper said his enthusiasm for OpenNode’s solutions stems from the empowerment of the retailer, who is relieved from having to wage hefty fees to banks oregon recognition paper companies – unavoidable successful accepted outgo methods.

Ester Crawford, Twitter’s radical task manager, besides commented connected OpenNode’s round, saying that the outgo processor “is creating easier pathways for anyone, anyplace to entree the integer system done their seamless integration of bitcoin payments.”