GoCoin Closes $1.5 Million Series A Funding for Digital Currency Payment Processing
Investment Led by Bitcoin Shop and Former Facebook COO, Owen Van Natta
SINGAPORE, March 26, 2014-- GoCoin, the first international payment platform for digital currencies, today announced it has closed a $1.5 million Series A equity financing led by Bitcoin Shop, Inc. (OTCQB: BTCS) and former Facebook COO, Owen Van Natta. Crypto Currency Partners also participated in the round.
"Our investment in GoCoin reflects our confidence in their product and their team," commented Charles Allen, CEO of Bitcoin Shop. "Not only does it complement our business model, but we felt it was a great opportunity to align with a partner whose business is designed to adapt to rapidly evolving trends in the digital currency marketplace."
GoCoin is the only significant payment platform designed to be currency-agnostic. The startup will use the latest round for additional engineering resources and to ramp up its global sales force. The Series A financing includes over $500,000 under converting promissory notes from angel investors including Owen Van Natta (Facebook, Amazon), Andrew Frame (Ooma), David Neuman (Current TV, CNN), and more.
"User demand continues to grow for alternative payments," said Owen Van Natta. "I'm excited to deepen my involvement with GoCoin and their best-in-class payments solution for merchants and game publishers."
"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," said Steve Beauregard, founder and CEO of GoCoin.
Since its inception in July 2013, GoCoin has achieved a number of milestones, such as:
•Becoming the first payment platform to incorporate the alternative currency market with support for litecoin and dogecoin
•Key customer wins including Perseus Telecom, Robocoin, Agreed.com, Bitcoin Shop, Inc., QikFunder and KnCminer
•Expanding into a 7,000 square foot office space in the historic Keller Block building on Santa Monica's 3rd Street Promenade
GoCoin is an international digital currency payments platform enabling merchants to accept bitcoin, litecoin, dogecoin and other digital currencies with key benefits such as eliminating high fees, costly chargebacks and inherent credit card payment friction. Our service replaces the need for the likes of PayPal or Authorize.net instead customers pay with Bitcoin opening up the global market of shoppers and gamers to participate for the first time in eCommerce, Internet gaming, Internet entertainment and charitable giving. Founded in July 2013, GoCoin is an international group of companies with a presence in Asia Pacific, the Americas, the Caribbean and Europe. For more information, please visit http://www.gocoin.com.
About Bitcoin Shop, Inc.:
Bitcoin Shop, Inc. operates an ecommerce website (www.bitcoinshop.us) where consumers can purchase products using virtual currency such as bitcoin or litecoin, by searching through a selection of over 400 categories and over 140,000 items.
Bitcoin is a digital or virtual currency that uses peer-to-peer network to facilitate instant payments. Bitcoin is categorized as a cryptocurrency, as it uses cryptography as a security measure. Bitcoin issuance and transactions are carried out collectively by the network, with no central authority, and allows users to make verified transfers.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission, not limited to Risk Factors relating to its Bitcoin business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
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