OpenNode, a crypto startup that helps merchants accept bitcoin payments from customers, has raised $20 million in a Series A funding round and is now valued at $220 million.
UK-based Kingsway Capital led OpenNode’s funding, with Twitter, Tim Draper, and Avon Ventures, a venture capital fund affiliated with the parent company of Fidelity Investments, also participating.
With fresh capital in hand, OpenNode plans to announce new product features, including a payment wallet and an account-linked debit card. The firm also plans to expand its current team to around 50 to meet the growing demand for its services, said Josh Held, head of strategy at OpenNode.
“Our customers are growing their businesses with our solutions and we are seeing unprecedented demand,” said Held. OpenNode supports both on-chain and the Lightning Network bitcoin payments.
Held declined to comment on OpenNode’s transaction volume to date but said the firm expects to cross the 25,000+ BTC mark soon. In dollar terms, that is over $1 billion at current prices.
The Series A round brings OpenNode’s total funding to date to $25 million, said Held.