PlayIconNav
BTC
$68,352.98-0.93%
ETH
$2,424.11-1.69%
BNB
$557.32-0.38%
SOL
$159.93-1.31%
XRP
$0.50710806+0.45%
DOGE
$0.16233130+7.92%
CD20
$1,981.29-1.33%
TRX
$0.16255246-1.70%
ADA
$0.32987783-0.27%
SHIB
$0.00001731+2.90%
WBTC
$68,250.25-0.93%
AVAX
$23.01-2.47%
Ad
Markets
Election 2024

Cryptocurrency Payment Processor GoCoin Gets $1.5 Million in Funding

The Singapore-based bitcoin and altcoin payments processor has raised additional funding.

By Daniel Cawrey
AccessTimeIconMar 26, 2014 at 1:27 p.m. UTC
Updated Sep 3, 2021 at 11:08 a.m. UTC
Presented By Icon

Election 2024 coverage presented by

Stand with crypto
dollar-stacks

GoCoin has announced it has raised $1.5m in funding in order to expand its operations as an international payments platform for cryptocurrencies.

The round was led by the Bitcoin Shop, which is a publicly traded company on the over-the-counter market.

VolumeMuteUnmute

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0

    • "Our investment in GoCoin reflects our confidence in their product and their team,” Charles Allen, CEO of Bitcoin Shop, said in a statement.

    Former Facebook COO Owen Van Natta and investment firm Crypto Currency Partners also participated in the round.

    “User demand continues to grow for alternative payments,” said Van Natta, adding:

    “I’m excited to deepen my involvement with GoCoin and their best-in-class payments solution for merchants and game publishers.”

    Expansion and competition

    GoCoin plans to use the funding to expand its sales and technology teams as demand for cryptocurrency payments grows.

    "In our case, it’s expanding the sales staff in terms of direct sales and channel sales. And we’ll probably augment the technology team slightly," said company co-founder Brock Pierce.

    The company was started in July 2013 and its platform went live in December.

    GoCoin competes with Coinbase and BitPay in the bitcoin payment processor market. Pierce believes that GoCoin is the number three cryptocurrency payment processor in the world today. The industry will see a lot more competition in the future, he says:

    "My view is that there is probably room in this market for 15 of these companies.  If you look historically in payments world, you normally see room for 15 of these types of companies."

    International focus

    A favorable regulatory environment in Singapore led GoCoin to incorporate its business there. And it is focused on markets outside of the US.

    "I think we’re the only payments company that’s focused on international markets," said Pierce.

    The demand for alternative cryptocurrencies as a form of payment outside bitcoin is also something that makes GoCoin stand out as a payment process. Said Pierce:

    "We’re agnostic when it comes to currencies. If there’s mutual demand from merchants and consumers to either spend or accept it, we’ll add the currency."

    GoCoin started to accept litecoin back in January. It recently added support for dogecoin as well.

    “We’ve had an international multi-currency focus since day one, and this round will help extend our global footprint and take our services to the next level,” Steve Beauregard, CEO of GoCoin, said in a release announcing this latest round of funding.

    Last November, GoCoin raised $550,000 in an early seed round.

    Dollar bills image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.