Bitpay, a blockchain payments startup has announced that it has successfully raised $40million in its Series B round. The company said this was made possible through its participating venture capital companies Aquiline Technology Growth and Menlo Ventures.

Bitpay, which is involved in processing bitcoin as well as bitcoin cash payments for its customers, has revealed that it had launched a $30 million Series B fund rising round in December last year. The company however, decided to extend the round before it had come to an end. The round was led by Aquiline Technology Growth, which decided to extend the round to $40 million owing to “high demand,” This is according to CEO Stephen Pair, the Chief Executive Officer of Bitpay.

One of the partners, Tyler Sosin and who represents Menlo’s crypto work, said the company has been considering making investments in several blockchain startups. He added that the company, for the last 18 months has tried out on several startups, but they did not meet its requirements and criteria. This has been so until the company discovered. Sosin did not however reveal the amount of money that Menlo contributed during this round.

Sosin added that Menlo is optimistic that the blockchain will be an important aspect of future payment systems and technologies. The company has however not purchased any digital currencies outright or been part of an initial coin offering (ICO).

According to Sosin, the company chose to invest in Bitpay because as a payment processing platform, it would not want them to affect the success of a given cryptocurrency.

Bitpay may not have been the only choice available for Menlo to make entry into the crypto industry. According to Sosin, the company, whose businesses include investments in Uber, Roku,, Tumblr is considering increasing its presence in the industry. He noted that the motivation behind is because it is still a growing technology hence presents many opportunities for both startups and big established companies.

In December last year, Bitpay revealed its plans to use the funds from the Series B to extend its business in Asia as well as apportioning some funds to technology acquisitions ,new engineering hires and regulatory licensing.