Tim Draper Backed Payment Processor Closes Seed Funding

 

 

 

 

Bitcoin payment processor, OpenNode announced Dec. 18 that the company has secured seed funding, with participation of Tim Draper.

OpenNode is a payment processor that targets the merchant cryptocurrency payments market with the claim that the company can offer instant and risk-free bitcoin payments — where OpenNode retains one percent of the transaction volume in fees.

According to the announcement, OpenNode intends to use the funds to scale their development team and network, and prepare the world for “hyperbitcoinization”.

Coindesk reported that Tim Draper’s investment in OpenNode was $1.25m USD.

Tim Draper is a strong cryptocurrency advocate, having previously purchased 40,000 Bitcoin’s that the U.S. Marshall’s Office confiscated from the Silk Road in 2014, and investing in projects including Factom, Tezos, Bitwage, and Mirror.

 

Author: Timothy Goggin

Timothy Goggin is an economic analyst with an interest in the application of moral philosophy and decentralized systems. He studied economics at the Business School at Victoria University of Wellington, New Zealand. His area of research is the consequential and moral dimensions of implementing digital currencies and the resulting synergies for consumers in the trading environment.

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