Bitcoin Startup Bitrefill Closes $2 Million Seed Round Led by Coin Ninja

Bitcoin startup Bitrefill, which provides crypto gift cards and lightning-enabled payment services to businesses, considers expanding to new jurisdictions.

The expansion will be made possible by a new seed round led by Coin Ninja. Having raised a total of $2 million, the company saw participation from BnkToTheFuture, Fulgur Ventures, and litecoin creator Charlie Lee.

Bitrefill Chief Compliance Officer John Carvalho said the company plans to enlarge its services across jurisdictions to offer “worldwide coverage within the year.”

Lee said in a press release that Bitrefill services simplify processes to “make a living” with cryptocurrency and that the company’s contribution in the lightning network ecosystem “opens up even more potential for bitcoin and beyond.”

For instance, Bitrefill’s Thor service enables users to give lightning channels to someone else without the need for setup on the recipient’s side. said Thor is the top service increasing lightning network capacity by means of value, with nearly $19,000 worth of bitcoin. It is also the top service provider running nodes on the network.

Although Carvalho refused to divulge how much revenue the 16-person team gained so far this year, he stated that the business of selling crypto gift cards is massively growing. The recently concluded seed round brings the firm’s overall funding to $2.4 million.

“We intend to continue offering additional new Lightning Network services, and to collaborate with more Bitcoin businesses to grow the network,” Carvalho said when asked how his company will utilize the funds in 2019.