Georgia based Bitpay has been updated with a view to support Bitcoin Cash (BCH). Consequently retail outlets which use Bitpay will now be in a position of generating payment codes of bitcoin cash using mobile devices in real-time. With the Checkout app merchants will be able to accept virtual current payments on tablets or smartphones with the orders being priced in over 150 currencies. The Checkout app is designed with service businesses in mind and some of the features that are available include simple tip reporting, on-screen tipping, multi-employee checkout and so on.
This comes less than a month since Bitpay managed to successfully raise amounts totaling approximately $40 million in a fundraising round. Some of the venture capital firms which participated in the Series B round included Aquiline Technology Growth and Menlo Ventures.
Last year in December Bitpay announced the launch of the $30 million Series B round though the amount to be raised was increased prior to the conclusion of the round. This was attributed to the high demand according to the chief executive officer of Bitpay, Stephen Pair.
According to a Menlo Ventures partner, Tyler Sosin, the firm had been considering making investments in the blockchain and virtual currency sector in the last one and a half years but options were limited and not attractive. This changed when the venture capital found Bitpay.
Initial Coin Offerings
At the time Sosin predicted that blockchain technology would become essential with regards to payment technologies in future. Menlo Ventures has however not bought virtual currencies or taken part in Initial Coin Offerings.
When Bitpay was announcing the Series B fundraising round, the blockchain payments startup disclosed that the funds it would collect would be used in expanding its Asian operations. Additionally the funds would be used to recruit and making some acquisitions.
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