updated 08:50 am EDT, Tue May 13, 2014
'PayPal of Bitcoin' recipient of largest digital currency capital investment
Entrepreneur Richard Branson has invested in a large Bitcoin payment service. Along with Yahoo founder Jerry Yang, Branson and compatriots have put $30 million into the Bitpay exchange, giving the service the biggest venture capital investment in crypto-currency's short life.
Bitpay was formed in July 2011, and exchanges the digital currency for dollars. It has processed over $100 million in transactions for companies like the game developer Zynga, ownership group of the Sacramento Kings, blogging platform WordPress, and computer retailer Tiger Direct. Bitpay claims that they provide services for more than 20,000 businesses.
"Banking as we know it is in the midst of enormous change and innovation," said Branson of his investment. In a statement, Branson noted that Virgin Galactic accepts Bitcoin for future flights, and Bitpay will "build trust, legitimacy and momentum in this exciting currency revolution."