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Tim Draper is no stranger to bold bets on the future of Bitcoin and cryptocurrency. The venture capital billionaire says his latest investment could bring Bitcoin Lightning payments to Starbucks, Amazon, Tesla, real estate and more.
Finally!! Now you will be able to use bitcoin to buy Starbucks, https://t.co/likG4bT4Pe, Teslas, houses, etc. Fast transactions! #bitcoin #drapervc https://t.co/3pLw8kOGsc https://t.co/3pLw8kOGsc
— Tim Draper (@TimDraper) December 19, 2018
Draper just invested in OpenNode, a Bitcoin payment processor built to give companies an easy way to integrate Bitcoin payments into their business.
OpenNode says its platform is the easiest way for people and businesses to accept Bitcoin on-chain and via the Lightning Network, a scaling solution designed to make the world’s number one cryptocurrency a viable payment option at everyday shops and stores.
The platform automatically converts Bitcoin to local currencies at point of sale to avoid price volatility.
“Anyone trying to monetize an idea should give us a try. You can plug OpenNode directly into your business with either our e-commerce plugins or our simple API within minutes, risk-free.”
After a seed round totaling $1.25 million, the company says it will focus on boosting Bitcoin adoption and ensuring its platform is legally compliant.
OpenNode is facing plenty of competition in the space. In August, Coinbase launched a new plugin, Coinbase Commerce, designed to give millions of websites the power to accept major cryptocurrencies including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The plugin is designed to seamlessly work with the popular web store platform WooCommerce.
“For merchants using WooCommerce, one of the most popular e-commerce platforms on the web, it’s now easier than ever to start accepting cryptocurrencies as a form of payment.
The widely-used plugin powers more than 28% of all online stores — and all of them now have access to cryptocurrency payments from customers around the world. This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system.”
OpenNode is also targeting the micropayments niche to stimulate new forms of revenue. It allows businesses and content creators to settle transactions as low as $0.000001 by generating income through paywalls for online content, music and podcasts.