Bitcoin payments processor OpenNode gets USD 1.25 mln from Tim Draper

Wednesday 19 December 2018 10:04 CET | News

Tim Draper, US-based venture capitalist, has invested USD 1.25 million in OpenNode, a Bitcoin-only payments processing startup.

OpenNode told CoinDesk that the raised funds will be used to expand its team and beef up its legal and compliance efforts. The payments processor claims to process “instant” and “risk-free” Bitcoin payments for businesses, generating revenue by charging a 1 percent for transactions.

OpenNode taps the Lightning network, a transacting layer on top of Bitcoin, which is being developed in an effort to enable faster and cheaper transactions that can net-settle to the Bitcoin blockchain. The startup said in a statement for the online publication that since the start of its platform, the capacity of the lightning network has grown over 15,000 percent to 456 Bitcoin (BTC).

Draper, the founding partner of Draper Associates and Draper Fisher Jurvetson (DFJ) Venture Capital, is an early blockchain investor and has backed several startups in the space.

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Keywords: OpenNode, Bitcoin, investment, funding, Bitcoin payments processor, cryptocurrency, blockchain
Countries: World