As part of the deal, Index Ventures’ Jan Hammer and noted bitcoin ecosystem investor Jimmy Furland will join BitPay’s Board of Directors.
In an interview with CoinDesk, BitPay CEO Tony Gallippi framed the funding as both a validation of the explosive growth his company has seen over the past year and a way for BitPay to continue its success into 2015 and beyond.
For example, the company will aggressively expand its team, tripling its work force by adding 70 jobs across its global offices.
“We have to continue to make our product more scalable,” said Gallippi. “What works for 1,000 merchants does not work for 100,000 merchants. We’ve got to continue to add new features to the platform, we’ve got to continue to build things that our merchants are asking for.”