As part of the funding round, Peter Bell, partner at Highland Capital Partners, will join Bitnets board of directors. Among the investors, there are also the ecommerce platform Rakuten, FinTech and some crypto-currency experts, including: Webb Investment Network, founded by Maynard Webb (board member of Yahoo and Visa), Bitcoin Opportunity (Barry Silbert), Stephens Investment Management (Bart and Brad Stephens), Commerce Ventures (Dan Rosen), Buchanan Capital Management (Tad Buchanan) and venture capitalist Stuart Peterson, Bill McKiernan, Bitnet chairman and founder of CyberSource, Carl Pascarella, former CEO of Visa and Jack McDonnell, founder of TNS.
The funding comes as Bitnet launches its platform and builds teams for sales, marketing and customer support. Bitnets platform includes developer-focused RESTful hypermedia APIs and SDKs, with a hosted checkout product and pre-built integrations to key third-party software systems. Bitnet will also offer analytics with programmatic access to reports designed to help automate merchant reconciliation within their accounting and ERP systems.
In addition to large retailers, Bitnet is working with financial institutions, payment service providers, international trade organisations and airlines to provide Bitnets Bitcoin payment acceptance solution.Bitnet provides a digital commerce platform enabling enterprise-scale merchants to accept Bitcoin payments. Bitnets engineering, product and business development team helped build and manage a global payment gateway CyberSource, which was sold to the payment network Visa, for USD 2 billion in 2010. Bitnet has offices in the US and UK and plans further expansion into continental Europe and Asia.
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