When BitPagos asked for money so that it can expand business and keep up with their operational demands, there was no dearth of investors. The Bitcoin company had raised over $150,000 in 2013, however, according to the company it was not enough. Therefore, it went for another round and got $600,000.
The recent round of funding gave the impetus that BitPagos was looking for i.e. expand their business and keep up with their operational demands. The morale boosting fund raising wherein a lot of investment came in from Pantera Capital, Tim Draper, Barry Silbert, Boost Bitcoin Fund, the company believes that it can reach to new markets.
In its claim BitPagos says that it will be scaling up with more merchants on a regular basis; however, for that it thinks that it is important to keep the money flowing in and the recent funds will help it. Now, it can reach to new people in developing nations and help them escape their bolivars, pesos, and other fiat currencies as quickly as possible.
BitPagos Trying to Reach Latin American Countries
Whereas some Bitcoin companies are focusing on US and other developed countries as they see a future in these economies, BitPagos is trying to help merchants in developing countries in Latin America. The company puts its efforts to help the companies who wish to escape their local fiat currencies which are performing quite badly against the US dollar.
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It has emerged as a leading merchant processing service provider and according to the CEO Sebastian Serrano it is the opposite of BitPay i.e. unlike BitPay, this company is helping the merchants who wish to sell their fiat currency immediately after a sale rather than their Bitcoins.
Sebastian Serrano aims to help people in Latin America in particular offering them a much easier entry point into the Bitcoin ecosystem. The company is filling the void which has been created by the Bitcoin companies. Also, there is less Bitcoin mining happening at this part of the world and it is available very scantly.
Nonetheless, if the Bitcoin experiment has to become successful, it is important that all parts of the world have their contribution and the digital currency has truly global presence. When not many Bitcoin companies are venturing into the parts of Latin America, the contribution from BitPagos is being appreciated by the Bitcoin community.
To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com