GoCoin, a California and Singapore-based company that is creating a PayPal for digital currencies, has closed a US$1.5 million series A venture round led by former Facebook COO Owen Van Natta and Bitcoin Shop, an ecommerce website that transacts in Bitcoin. Crypto Currency Partners also joined the round.
GoCoin’s competitors in Bitcoin payment processing include the well-funded Coinbase and BitPay. Brock Pierce, co-founder of GoCoin, told CoinDesk that his company is the number three cryptocurrency payment provider globally. Unlike its rivals however, GoCoin also accepts other digital currencies like Litecoin and Dogecoin. It also claims to be the only one that’s focused on international markets.
After being founded in July 2013, it has secured customers like Perseus Telecom, Robocoin, Agreed.com, Bitcoin Shop, QikFunder and KnCminer. The startup previously raised a US$550,000 seed round last November.
Singapore has turned out to be quite a hub for Bitcoin startups. While the government has stated that it will regulate and tax Bitcoin companies, these measures have by no means crippled the burgeoning Bitcoin startup ecosystem, which includes companies creating point-of-sales systems, Bitcoin ATMs, and digital currency exchanges.
The tiny country has also been a significant recipient of investments in Bitcoin startups at US$3.8 million, although it is still far behind the United States, which leads all countries by a long mile at US$68.1 million.
At last count, there are eight Bitcoin vending machines in Singapore, making it perhaps the city with the most concentrated number of such devices.
Want to learn more? Be sure to check out our Bitcoin debate at Startup Asia Singapore 2014 on May 8, 2014.
Image: Zach CopleyEditing by Steven Millward