The revenues from the round will be used to enhance the payment processor’s bitcoin offerings.
OpenNode, a bitcoin payments company, has concluded a $20 million series that was oversubscribed. According to a press statement given to Bitcoin Supports, the company raised $220 million at a $220 million valuation.
“OpenNode has always believed in the promise of Bitcoin and Lightning-powered payments, and demand is now expanding exponentially,” said Josh Held, OpenNode’s new head of strategy. “For the past two years, the team has been hard at work developing solutions that serve some of the world’s most well-known brands and enterprises. This Series A funding will aid the company in achieving its aim of making bitcoin payments simple and available to everyone, everywhere.”
According to Held, the business wants to use the funds raised in the round to add new products and services to its portfolio, such as a payment wallet, an account-linked debit card, new local currency settlement possibilities, and sub-accounts.
The investment round was led by Kingsway Capital, an investment management business based in the United Kingdom. The round included participation from Twitter, Tim Draper, a venture capitalist, and Avon Ventures, a venture capital fund linked with Fidelity Investments.
According to the release, Kingsway Capital founder Manuel Stotz stated,
“Bitcoin, complemented with the Lightning Network, will be the most essential technology for financial inclusion.” “We are very excited by OpenNode’s implementation of the Lightning Network, which will help to realise bitcoin’s promise of being a worldwide, censorship-resistant, and permissionless payment network.”
According to the press announcement, Draper’s enthusiasm for OpenNode’s solutions originates from the retailer’s empowerment, which eliminates the need to pay expensive fees to banks or credit card providers, which are inescapable in traditional payment methods.
The payment processor “is establishing easier pathways for everyone, wherever to access the digital economy through their seamless integration of bitcoin payments,” according to Ester Crawford, Twitter’s group project manager.