Rumours around BitPay, a platform that processes payments in bitcoin for merchants, is raising the field’s biggest round yet. The company is raising $30 million on a roughly $160 million valuation in a round led by Index Ventures, with Richard Branson and Yahoo co-founder Jerry Yang participating.
With BitPay’s previous funding round, the company’s financing tops the combined $26 million that Boston-based rival Circle has raised from Accel Partners, or the $31 million that San Francisco-based Coinbase raised from Andreessen Horowitz and Union Square Ventures or the $20 million round that Benchmark led for Xapo.
Li Ka-Shing who is ranked as Asia’s wealthiest man according to the Bloomberg Billionaires Index, with a net worth of $28.8 billion, was recently photographed scrambling artificial eggs. For a man with that much money you may indeed be asking yourself why, but these eggs have been produced by a company called Hamton Creek, a Silicon valley startup. The CEO in the photo pictured with Li Ka-Shing is Josh Tetrick who has just received US$ 23 million in a round of investment from Li. The company is now planning a major expansion into the Asian market. The company aims to reduce costs significantly in the egg market by introducung the lower cost substitute. The interesting thing about this deal is not just the nature of the business but the growing trend in which Silicon Valley start ups are now going over to Asia to seek new funding and tap wider markets. This trend happened over the last 10 years in which startups from the valley targeted Europe and European investment.