Altcoin payment processor CoinPayments secures over $100k in investments on first day of seed funding round

Vancouver, British Columbia, Canada-based altcoin payment processor CoinPayments announced on Sunday in a press release sent to CoinReport that it had secured more than $100,000 in investments from qualifying professional investors on the first day of its seed funding round. The round was held on the global online investment platform BnkToTheFuture, which attracts some of the most promising FinTech, Alternative Finance and Innovation businesses from around the world.

CoinPayments passed the $100k invested mark within a few hours of having launched its investment campaign.

The largest altcoin payment processing company, CoinPayments allows altcoin holders to spend their altcoins with merchants who then receive bitcoin or other currencies, giving investors a way to spend their altcoins like they do bitcoin or traditional currencies.

The company’s payment technology allows businesses to process over 100 currencies with fully automated security features.

CoinPayments CEO Alex Alexandrov

CoinPayments CEO Alex Alexandrov told CoinReport in an email:

“CoinPayments is prepared for a non mono-coin centric future, with an open and democratic payment platform that embraces all coins that the market will support. We are building an ultimate payment platform to cope with such reality now.”

Altcoins, or alternative coins (alternatives to bitcoin), work in a similar way as bitcoin where people can send money anywhere in the world at virtually no cost from person to person. There are more than 600 altcoins out there, but holders have been exchanging them for bitcoin due to the recent uptick in price.

“While investors flock to Bitcoin, many alternative cryptocurrencies known as altcoins have been left behind plummeting in value,” said CoinPayments. “[We have] also seen an increase in volume as people look to spend their altcoins as they fluctuate in value.”

CoinPayments said that it was setting out to raise capital to develop the platform further and expand the team as the company had now secured more than 18,000 merchants and processed $5.5 million USD in transaction for their clients.

Alexandrov said in the press release, “I’ve always known money does not have to be so complicated. CoinPayments mission is to create an open and seamless world of payments, that works wherever you are.”

Image credits:

Logo – Via press release

Alex Alexandrov’s photo – Courtesy of CoinPayments