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BitPay raises $40 million in series B funding round

Blockchain payments provider BitPay Inc. closed its extended series B round, garnering $40 million from investors.

The completed round brings BitPay's total raised capital to more than $70 million, the company said.

Aquiline Capital Partners LLC led the initial series B round, then extended the round to accommodate higher investor demand. Other investors included G Squared and Delta-v Capital LLC, as well as Menlo Ventures, which selected BitPay as its first institutional cryptocurrency-related investment.

Asian investors including Capital Nine and Yong An Financial Holdings Co. Ltd. also made up a significant portion of Series B investments, as the blockchain payments provider expands further in Asia.

In 2014, BitPay raised $30 million in its series A round from investors.