The company will secure the series B funding in a round led by Aquiline Technology Growth (ATG).
The funds will be used for key engineering hires, regulatory licensing, technology acquisitions and expansion into markets in Asia.
BitPay is already focusing on the cross-border supply chain payments and other payments not covered by traditional credit card and banking infrastructure.
The company offers businesses and individuals with advanced tools for secure blockchain payment acceptance, savings and spending.
BitPay provides prepaid Visa debit card that allows bitcoin users to turn bitcoin into dollars, pounds, or Euros for use with Visa merchants.
With offices in North America, Europe and South America, BitPay also processes payments for industry customers in online commerce.
In 2014, BitPay secured $30m series A round funding from investors such as Index Ventures, Founder's Fund, Felicis Ventures, RRE Ventures and Sir Richard Branson
BitPay CEO Stephen Pair said: "We've been able to solve some of our customers' biggest payment problems, from multimillion dollar B2B payments to day to day expenses.
“Continually improving our customers' experience with BitPay is a priority for us as we plan our next steps for product development."
Image: BitPay builds advanced tools for secure blockchain payment processing, savings and spending. Photo: courtesy of Business Wire.
