ZipZap Raises $1.1 Million to Grow Global Bitcoin Payments Network

zipzap California-based global transaction network ZipZap has announced $1.1 million in new funding that will be used in part to fund the expansion of the company’s cash-to-bitcoin services and wire transfer bitcoin buying option to new global markets. The seed funding round, closed in June, included Bitcoin Foundation board member Brock Pierce‘s AngelList syndicate. 500 Startups and Blumberg Capital also invested in the round. With the announcement, former Wells Fargo investment advisory representative Jim Griffin will join the company as its senior vice president of currency and foreign exchange. Griffin indicated that he believes that the funding is a validation of the company’s strong plan to become the primary payment network for digital currencies, stating: “With the current state of the financial market, digital currencies are increasing in popularity and adoption. This is an exciting time to join ZipZap and be a part of its growth and the evolution of currency on a global scale.” The investment brings ZipZap’s total to-date funding to $2.7m, and follows the company’s recent expansion of its cash-to-bitcoin services into 34 new markets. Global bitcoin services The new funding finds ZipZap seeking to capitalize on its unique position as an experienced payments specialist operating in the bitcoin space. Launched in 2010, ZipZap originally served as a competitor to cash payment services such as PayNearMe, allowing consumers to make payments with cash at physical locations simply by printing off a payment slip. The company first entered the cash-to-bitcoin space in late 2013 when it announced it would introduce cash-to-bitcoin services at its 28,000 UK merchant locations. Speaking to CoinDesk in June, CEO Alan Safahi indicated that the company is seeking to position itself as a leader in digital currency remittance services. How ZipZap works ZipZap partners with bitcoin exchanges to act as a bitcoin brokerage for global consumers, though the company says it plans to add support for popular altcoins such as litecoin and dogecoin in the future. Screen Shot 2014-07-29 at 5.19.10 PM To take advantage of the service, consumers sign up for the service online and ‘Add Funds’ to their account to create a payment voucher to be redeemed at a ZipZap merchant partner. zipzap ZipZap users can pay for bitcoin with cash at a merchant location, or by bank transfer or wire transfer. Screen Shot 2014-07-29 at 5.19.15 PM ZipZap users can currently buy bitcoin with cash in the US, the UK and Brazil, according to its official website. Wire transfer purchases are available in 75 countries. Image via ZipZap Alan Safahizipzap
Original author: Pete Rizzo