Tim Draper Backed OpenNode Startup Raises $1.25 Million to Develop its Bitcoin (BTC) Payment Processing Platform

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Tim Darper backed startup of OpenNode announced that it had successfully raised $1.25 Million to fund its venture to create a better and easier way to accept Bitcoin (BTC). Many merchants have been known to be for the idea of integrating Bitcoin payments onto their businesses, but very few payment processing solutions exist in the crypto-verse.

Tim Draper Backed OpenNode Startup Raises $1.25 Million to Develop its Bitcoin (BTC) Payment Processing PlatformOpenNode promises to be the simplest robust platform with an easy to use eCommerce and retail plug-in solution. It will also have payment infrastructure API’s for developers and the fastest payment processor limits. The project plans to also bring in brand new payment models and instantaneous settlements using BTC.

The platform by OpenNode differentiates itself from others in the market as it is the first payment processor to integrate the Lightning Network: a second-layer faster solution for BTC transactions.

Afnan Rahman, Co-founder and CEO of OpenNode, had this to say about OpenNode.

We didn’t create OpenNode to create a Coinbase Commerce 2.0 or Bitpay 2.0.

These solutions have limits on their invoices; we don’t have these limits.

The project’s CTO, Joao Almeida, added that one of their major goals is to accelerate Bitcoin adoption moving into the future.

Rates On OpenNode

The platform charges 1% per transaction as fees with no minimums, no monthly fees, no contracts and no hidden costs for setting up. Withdrawing Bitcoin on the platform is also free with regular fiat withdrawals to bank accounts incurring a 2% charge. The minimum withdrawal for fiat is $10 and the minimum fee per transaction has been set at $2.

The team at OpenNode also has customized plans for its clients with a high volume of transactions. Clients that fit into this category, are advised to contact them directly for customized services.

About Tim Draper

Tim Draper is an American venture capital investor. He is the founder of Draper Fisher Jurvetson, Draper Associates and Draper University. In 2014, he purchased seized Bitcoins at a US Marshals Service that had been part of the Silk Road marketplace website. Over the years Mr. Draper has been bullish about BTC even predicting that it will be valued at $250,000 by 2022.

Tim Draper has been known to help entrepreneurs change the world and drive their visions through funding, education, media, and government reform.

What are your thoughts on the $1.25 Million funding of OpenNode? Please let us know in the comment section below.