Bitcoin Payment Processor Closes Seed Investment Round Backed by Tim Draper

Published at: Dec. 18, 2018

Bitcoin (BTC) payment processor OpenNode has completed a seed investment round with investment from American venture capitalist Tim Draper, according to an announcement on Dec. 18.

Founded in April 2018, OpenNode is a multi-layered Bitcoin payment processor for merchants developed by a group of Lightning Network designers and Bitcoin developers, that aims to improve and simplify the use of Bitcoin.

Per the announcement, OpenNode has raised funds from Draper and early stage venture capital firm Draper Associates. The startup plans to spend the funds on scaling the team and building the network. Financial details regarding the investment have not been disclosed.

Draper — a vocal Bitcoin advocate — shared his vision for blockchain-based digital governments in May. He stated that blockchains utilizing smart contracts in conjunction with artificial intelligence (AI) will massively change the role and responsibilities of states. "If we combine Bitcoin, blockchain with smart contracts and artificial intelligence, we could create the perfect bureaucracy," he said.

Speaking at the Web Summit summit conference in November, Draper questioned the need for fiat currencies, or “political currencies.” In Draper’s view, banks issue money “whenever they feel like it for whatever reason they want it,” and the emergence of a “totally apolitical,” global, and open currency would cede control of money from banks to common people.

According to a report published by research firm Diar in September, “traditional” venture capital  investment in blockchain and crypto firms almost tripled in the first three quarters of 2018.  Blockchain and crypto-related firms reportedly raised almost $3.9 billion in venture capital by that time — a 280 percent rise as compared with last year.

Yesterday Cointelegraph also reported about the launch of Tagomi Holdings Inc., an electronic brokerage startup backed by PayPal co-founder Peter Thiel’s venture capital firm Founders Fund among other investors. Tagomi reportedly raised $16 million.

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