A Look Inside Tim Draper’s Investment Into In Payment Processing Firm OpenNode
Tim Draper Invests In Payment Processing Firm OpenNode
The recognized investor and crypto supporter, Tim Draper, announced an investment in a Bitcoin (BTC) payment processing platform called OpenNode. This firm aims at increasing the number of merchants and shops accepting Bitcoin for everyday purchases.
To invest in this firm, Draper placed the funds through its own firm called Draper Associates. Draper is very bullish about Bitcoin and has several times predicted new all-time highs.
OpenNode wants to allow users to pay in virtual currencies in many shops all over the world. It will not work as many other payment processors that they immediately convert virtual currencies into fiat. Individuals will be able to make purchases using virtual currencies in many shops such as Starbucks, Subway or Amazon.
The payments will be processed in a similar way to credit cards. The main difference is that this new system would cost much less for the merchant than using credit cards. Payments using virtual currencies will cost half the network fee that credit card networks take.
In the future, it might be possible for OpenNode to allow micro-transactions and instant settlement. This is very positive for the future of the space. It will allow some virtual currencies to be cheaper, faster and easier to use than other means of payment.
Brandon Lewis, the co-founder of OpenNode said that their mission is to make Bitcoin a better alternative than other payment processors or systems currently working.
About it, Lewis mentioned:
“Our mission is to make Bitcoin a better alternative than any payment protocol that currently exists by building the best experience for a business’ needs. We see a lack of usable Bitcoin products in the space, so we’re making simplicity our top priority.”
Furthermore, he explained that it is very positive for the company to have the support of Draper Associates. In the past, Draper predicted that Bitcoin will reach $250,000 in the future. In order to reach this price, Bitcoin would have to grow 6321% in the next years.