Branson backs bitcoin with Bitpay investment

Sir Richard Branson has made his first investment in a bitcoin company, and has also bought a quantity of the cryptocurrency, making the British entrepreneur one of its most famous backers.  

BitPay is a bitcoin payment processing company, and Branson is understood to have participated in a $30m (£17.8m) investment round for the American firm.

Last year, Branson allowed customers to pay for his space travel service Virgin Galaxy through bitcoin and the payment was processed through BitPay, which acts in a similar way to PayPal, the Standard reports.

Bitpay co-founder and chief executive Tony Gallipi said: “With this round of investment, BitPay is looking to grow internationally.

“We recently set up offices in Buenos Aires, San Francisco, New York and Amsterdam — and with international business figures such as Richard Branson, we are planning to move into other international markets.”

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