Friday, February 11, 2022

OpenNode Gets $20M For Bitcoin Payments Infrastructure

Los Angeles-based bitcoin startup OpenNode says it has raised $20M in a Series A funding, to go towards its bitcoin payment processing efforts. According to the company, the funding was led by Kingsway, and also included Twitter, Tim Draper, and Avon Ventures, a venture capital fund linked with Fidelity Investments. The startup says the funding valued the company at $220M. The company offers up bitcoin payment acceptance for businesses and others, including payment buttons, hosted checkout, e-commerce plug-ins, and more. One of the company's investors, Tim Draper, was quoted saying that OpenNode allows retailers to accept bitcoin without having to pay the banks or the credit card companies the usual 2 to 4 percent charge, at a "fraction of the energy cost" of on-chain bitcoin transactions.