Tim Draper Invests $1.25 Million in Bitcoin Payments Processor OpenNode

U.S.-based mostly enterprise capitalist Tim Draper has invested $1.25 million in OpenNode, a bitcoin-only payments processing startup.

Asserting the seed spherical on Tuesday, OpenNode advised CoinDesk that the lifted resources will be used to broaden its staff and beef up its authorized and compliance endeavours.

The organization claims to method “instant” and “risk-free” bitcoin payments for corporations, creating earnings by charging a 1 percent for transactions.

OpenNode taps the lightning Lightning network – effectively a transacting layer on best of bitcoin – which is becoming created in an hard work to permit more quickly and more cost-effective transactions that can net-settle to the bitcoin blockchain.

OpenNode said in a statement that due to the fact the start out of its platform, the ability of the lightning network has developed in excess of 15,000 percent to 456 bitcoin or BTC.

“We’ll carry on to tackle new rising markets where by the lightning network can minimize charges, promote imaginative payment styles, and refine the present person experience with payments,” an OpenNode spokesperson advised CoinDesk.

Draper, the founding husband or wife of Draper Associates and Draper Fisher Jurvetson (DFJ) Enterprise Cash, is an early blockchain investor and has backed numerous startups in the house. Back again in 2016, he led a $4.2 million sequence A funding spherical in Texas-based mostly corporation Factom, aimed at developing a amount of new merchandise for its blockchain details network.

Draper also participated in a full $760,000 investment spherical of bitcoin payroll startup Bitwage in 2015, and a smart contract investing platform identified as Mirror’s $8.8 million Series A financing in the identical yr.

Lightning bolt image by using Shutterstock


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