Bitcoin payment processor OpenNode raises $20 million from Twitter and others

OpenNode, a crypto startup that helps merchants accept bitcoin payments from customers, has raised $20 million in a Series A funding round and is now valued at $220 million.

UK-based Kingsway Capital led OpenNode's funding, with Twitter, Tim Draper, and Avon Ventures, a venture capital fund affiliated with the parent company of Fidelity Investments, also participating.

With fresh capital in hand, OpenNode plans to announce new product features, including a payment wallet and an account-linked debit card. The firm also plans to expand its current team to around 50 to meet the growing demand for its services, said Josh Held, head of strategy at OpenNode.


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

"Our customers are growing their businesses with our solutions and we are seeing unprecedented demand," said Held. OpenNode supports both on-chain and the Lightning Network bitcoin payments.

Held declined to comment on OpenNode's transaction volume to date but said the firm expects to cross the 25,000+ BTC mark soon. In dollar terms, that is over $1 billion at current prices.

The Series A round brings OpenNode's total funding to date to $25 million, said Held.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.