BitFury Invests in GoCoin to Enable Processing of Digital Currencies

BitFury Capital, the investment arm of Bitcoin transaction processing company BitFury Group, makes strategic investment into top digital payment platform to support the adoption of cryptocurrencies.

BitFury Group’s subsidiary, BitFury Capital, announced it has invested in cryptocurrency payment processor GoCoin. GoCoin users are able to make payments in digital currency, including bitcoin, altcoin and dogecoin, and convert it to fiat currency. Under the deal, the company will also serve as a default processor for BitFury’s vendor across the globe. The sum of the investment was not disclosed.

This is the third BitFury’s investment this year. Earlier, the company invested in the unknown bitcoin wallet provider and bitcoin security platform BitGo. Notably, both investments were made in digital currency, still, the amount of money invested is unknown.

BitFury’ branch-off was launched this summer with an aim to support the players in the growing virtual currency sector.

Steve Beauregard, CEO of GoCoin, noted that the investment will help the company to expand its customer base. “The goal is to bring all of [BitFury’s vendors] into the ecosystem and have them accepting payments in bitcoin via our platform. So, everything from the providers of electricity to rack space to hosting services, you name it,” he said.

Managing partner at BitFury Capital, Marat Kichikov, said the investment shows that BitFury is aimed at contributing to the bitcoin ecosystem. Payment processing, he added, is the important part of the industry.

“Payment processing is a critical element in stimulating the Bitcoin economy,” he said. “We are committed to supporting further acceptance and to enabling further adoption of cryptocurrencies. The partnership with GoCoin will allow processing payments in digital currency with our vendors and clients all over the world.”

BitFury Capital stated: “As the leading bitcoin infrastructure provider and bitcoin transaction processing company, BitFury uses every opportunity to further enable global bitcoin adoption by making as many financial transactions in bitcoin as possible.”

Beauregard also commented: “BitFury is one of the most successful companies in the Bitcoin space. We’re honored to add BitFury to our growing list of strategic partners and continue to strengthen digital e-commerce.”

The investment shows that GoCoin is now one of the major companies in the merchant processing sector.

In September, the company partnered with PayPal to process its bitcoin payments together with BitPay and Coinbase.

Beauregard noted his company is ready to add more digital currencies in case the market requires.

“We also continue to look beyond just bitcoin to altcoins,” he said. “I think that [BitFury and GoCoin] share a vision, that we’re all sort of watching out for the next major developments in the digital currency space.”

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