GoCoin raises $550k through High Profile Investors for Bitcoin Payment Service

The rise in popularity of the Bitcoin has accounted for a number of startups and companies providing a Bitcoin payment processing service for merchants and retailers. One such startup GoCoin, recently raised $550K in Seed funding to focus on Asian and South American markets.

GoCoin was co-founded in July 2013 by Steve Beauregard (CEO), Brock Pierce (Chairman), William Quigley and Kevin Beauregard (V.P, Engineering). The company has received a funding of $550k through investors Prolific Venture Capital, Owen Van Natta (former Facebook and Amazon Executive), Andrew Frame (Founder, Ooma), Bit Angels, Mikael Pawlo, Jonathan Congdon, Ruvento, Ronnie Wee, Gary Stiffelman and David Neuman. GoCoin is headquartered in Singapore, with an office in Santa Monica, California.

Some features of their platform:

  • GoCoin markets itself as a ‘PayPal’ for Bitcoin. The company will begin its expansion as the first true payment processing service for Bitcoin with an initial focus on South American & Asian countries.
  • The challenges of accepting credit cards and purchasing goods and services online between even neighboring countries can be especially difficult in these regions.
  • GoCoin says it will initially focus on providing Bitcoin payment processing for e-commerce, digital content and interactive/social gaming companies.
  • Online content, gaming & E-commerce, are sectors that will be a primary focus for GoCoin.
  • The platform is currently in a private beta with a small group of merchants processing on their platform with Bitcoin payments to begin with.

'As digital currency becomes more pervasive, it's imperative that software developers have advanced tools to fully integrate a scalable digital currency payment system across the globe. Merchants should be able to accept not just Bitcoin, but also other digital currencies as those emerge. GoCoin is both easy to implement and inexpensive to operate,' said Steve Beauregard. 'Our team of seasoned e-commerce veterans has designed GoCoin so high-volume merchants with complex back-end requirements can securely accept digital currency payments without fear of their internal systems being compromised,' he added.

Companies that are interested in using GoCoin’s platform can expect simple compliance procedures to enable them to get started quickly with accepting bitcoin payments, according to Beauregard. The company is also implementing reasonable KYC procedures for merchants who sign up for their services.

Other companies operating in this space include Bitpay and Coinbase. Bitpay has received a total funding of $2.51 till date and Coinbase - $6.88 Mn.