BitPay, a US-based bitcoin payment service provider, has raised $40m in an extended Series B funding round.

The funding round was backed by new investors including Menlo Ventures, Capital Nine, G Squared, Nimble Ventures, and Delta-v Capital.

Menlo Ventures partner Tyler Sosin said: “We gravitated towards BitPay because we felt the company had identified a killer use for crypto in facilitating low cost payment solutions for cross-border commerce and B2B payments, which is a massive market poorly served by the existing payment rails.”

They were joined by Internet Security Systems founder Christopher Klauss, and Tencent co-founder Alvin Liu.

The latest investment takes the total capital raised by the payments firm till date to more than $70m. BitPay intends to use the new capital to support its geographic expansion.

BitPay CEO Stephen Pair said: “BitPay had a record 2017 as we processed over $1 Billion in bitcoin payments. We brought on these new investors who can help BitPay scale globally to meet customer demand.

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“Our goals include key hires in engineering and regulatory licensing, as well as expansion into emerging markets in Asia-one of BitPay’s fastest-growing regions for transactions and wallet adoption.”

The payments firm launched a $30m Series B funding round in December 2017, which was led by Aquiline Capital Partners. The decision to extend the round was made following high investor demand.

BitPay initially received $30m in investment from an array of investors in a Series A funding round in 2014.