Stockholh Based Crypto Startup Bitrefill To Expand Globally After Raising $2 Million
Renowned Swedish cryptocurrency startup Bitrefill has raised $2 million in fiat funding that was led by Coin Ninja. The company announced that Charlie Leed, the Litecoin developer was also among the participants as well as Fulgur Ventures and BnKToTheFuture.
Bitrefill, which is the company behind cryptocurrency gift cards used by mainstream brands, aims at expanding its operations to other jurisdictions across the world. The company plans to offer its services which also include lightning enabled payment services in the entire world within the next one year.
Speaking exclusively to CoinDesk, John Carvalho, the company’s CCO said that the aim is to enable people live on cryptocurrency. Carvalho also expressed optimism that his company’s involvement in the lightning network will help in opening up increased opportunities for Bitcoin and other cryptocurrencies. The CFO explained that his company allows people to buy gift cards and mobile phone top-ups using Lightning, Bitcoin, or other cryptocurrencies and the money raised will be used to attract more users across the world.
For instance, Bitrefill has a service known as Thor, which allows users to offer lightning channels to others without the need of a setup on the recipient’s side. Thor is the most used service enhancing lightning network capacity when it comes to value and has over $19, 000 worth of Bitcoin, 1ML.com indicates. Thor is also the top service provider which runs nodes in the Bitrefill network.
Bitrefill was started in 2017 and has gained tremendous growth over the last two years. During its launch, the main focus was the US market but over the years the company has extended its reach to European countries.
Carvalho explained that his company is planning to use the funding to expand to other markets and launch new products. It will also be able to make new hires to add to its 16 , mainly expanding the staff of the Stockholm headquarters.
“We see it as a big token of trust that investors from the Bitcoin and broader cryptocurrency community have chosen to put their money behind us and support us in our growth journey,” Carvalho stressed.
Although the crypto space witnessed a slow growth in 2018, Bitrefill saw a notable growth which has accelerated this year. This explains why big names in the crypto sphere want a stake of the company.
While Carvalho did not reveal the amount earned by the 16 member team so far, he revealed that the gift cards for cryptocurrency sub-sector is growing rapidly and there could be more entrants in the future as the business becomes popular among crypto enthusiasts.
The current funding means that the firm has so far raised $2.4 million from different crypto investors including Boost VC.
On plans on how the capital raised will be used, Carvalho said:
“We intend to continue offering additional new Lightning Network services, and to collaborate with more Bitcoin businesses to grow the network.”
Will Bitrefill succeed in its quest to reach all parts of the world? Let us know in the comments section.