OpenNode raises $20m in Series A at a $220m valuation

Los Angeles-based bitcoin processor OpenNode has closed a $20 million Series A round at a $220 million valuation. It was led by Kingsway Capital.

We’re thrilled to announce our $20M Series A funding round with an incredible group of investors.

The round was led by Kingsway and includes @Twitter, @TimDraper, @avonventures — a @fidelity investments affiliate & morehttps://t.co/DvGtChhGvE

— OpenNode ⚡️ (@OpenNode) February 9, 2022

Twitter, Tim Draper and the Fidelity Investments-backed Avon Ventures also participated in the round.

The funds will be used to launch a digital wallet and an account-linked card. The firm will also expand its team.

“We are seeing unprecedented demand for our services,” said OpenNode’s Head of Strategy Josh Held.

According to the executive, the firm will soon surpass the milestone of processing 25,000 BTC in transactions since its inception.

The processing supports Bitcoin payments both on-chain and via the Lightning Network.

In November, NYDIG acquired the British bitcoin-payments service BottlePay.

Follow ForkLog on the YouTube channel!