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Bitcoin Company OpenNode Raises $20 Million at a Valuation of $220 Million

Bitcoin payment firm OpenNode closed a $20 million oversubscribed Series A raise with a valuation of $220 million, the company said in a press release sent to Bitcoin Magazine. demand is growing exponentially now,” said Josh Held, OpenNode’s new head of strategy, according to the release. “For the past two years, the team has been committed to building solutions that support some of the largest brands and companies in the world. This Series A financing is the next step to help the company realize our mission to make bitcoin payments simple and accessible for everyone, everywhere. range of offerings including a payment wallet, an account linked debit card, new settlement options in local currency and sub-accounts. UK-based investment management firm Kingsway Capital led the investment round. Twitter, venture capitalist Tim Draper and Fidelity Investments-affiliated venture capital fund Avon Ventures also participated in the round. “Bitcoin, complemented by the Lightning Network, will become the key technology for financial inclusion,” Kingsway Capital founder Manuel Stotz said, according to the release. “We are very excited about the Lightning Network’s OpenNode commitment to making bitcoin’s promise as a global, censorship-resistant, and permissionless payment network a reality.” According to the release, Draper said his enthusiasm for OpenNode’s solutions stems from the merchant’s empowerment, who is freed from paying high fees to banks or credit card companies — unavoidable in traditional payment methods. , everywhere to access the digital economy through their seamless integration of bitcoin payments.
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