Industry-Leading Bitcoin Payments Company OpenNode Closes $20 Million Series A Raise at a $220 Million Valuation with Investment from Kingsway, Twitter, Tim Draper, and Avon Ventures, a Fidelity Investments Affiliate
OpenNode will use funding to power its global expansion, growing the bitcoin economy by building the future of payments.
LOS ANGELES, Feb. 10, 2022 /PRNewswire/ -- OpenNode, an industry-leading bitcoin payment processor and infrastructure provider, announces the close of an oversubscribed $20M Series A raise at a $220M valuation led by UK-based firm Kingsway and with additional investment from Twitter, Tim Draper, and Avon Ventures, a venture capital fund affiliated with the parent company of Fidelity Investments.
Josh Held, new Head of Strategy at OpenNode, said, "OpenNode has believed in the promise of Bitcoin and Lightning-powered payments for a long time, and demand is now growing exponentially. For the last two years, the team has been heads down building solutions that support some of the largest brands and businesses in the world today. This Series A funding is the next step in helping the company to realize our mission of making bitcoin payments simple and accessible for everyone, everywhere"
Vocal Bitcoin supporter and renowned venture investor Tim Draper shares his enthusiasm for the OpenNode solution, saying "OpenNode allows the retailer to accept bitcoin without having to pay the banks or the credit card companies the 2-4%. OpenNode can do it with only a fraction of the energy cost required for an on-chain bitcoin transaction."
OpenNode's newest addition to the cap table was Twitter, where Ester Crawford, Group Product Manager, says, "Digital currencies encourage more people globally to participate in the economy, and with less friction. OpenNode is creating easier pathways for anyone, anywhere to access the digital economy through their seamless integration of bitcoin payments."
Manuel Stotz, Founder of Kingsway Capital, the lead investor of OpenNode's Series A, conveyed, "Bitcoin, complemented by the Lightning Network, is going to be the most important technology for financial inclusion. We are very excited by OpenNode's deployment of the Lightning Network to make the promise of bitcoin as a global, censorship resistant and permissionless payment network a reality."
Sachin Patodia, Managing Director at Fidelity Investments, said, "OpenNode provides businesses, platforms, and people the easiest onramp into the burgeoning digital economy, enabling seamless integration of bitcoin across the payment stack. We are proud to participate in this funding round and contribute to the growth of OpenNode and the Bitcoin network."
OpenNode is focused on building Bitcoin and Lightning Network payments infrastructure that will catalyze Bitcoin's global adoption. OpenNode is ready to onboard every business, platform and person looking for secure, instantly settled payments that operate globally, 24/7.
Read more about OpenNode's plans for the future here.
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Founded in 2018, OpenNode is the world's leading bitcoin payment processor and infrastructure provider, connecting the world with revolutionary payment technology. OpenNode provides secure, reliable bitcoin payment acceptance and payout solutions for businesses, platforms, and people everywhere. From payment buttons to hosted checkout, and e-commerce plug-ins to optimized APIs, OpenNode offers the benefits of instant, lowest cost payments made possible by Bitcoin, the world's best decentralized payment network; and the Lightning Network, Bitcoin's leading scaling solution.