CityPay.io from Georgia receives unprecedented $500k in cryptocurrency
Georgian startup CityPay.io has set a precedent by closing a two-month investment round entirely in cryptocurrency. Following the negotiations with Georgian and foreign investors, it has received the equivalent of $500,000. CityPay.io became the first company to raise such investment in crypto, Caucasus Business Week reports.
- CityPay.io is a platform that provides a cryptocurrency payment gateway that makes it possible for any type of business to receive crypto payments. The service is already used by more than 300 businesses. The startup was founded in 2020 by Georgian developers Beka Kemertelidze and Eralf Hatipoglu.
- According to Crunchbase, CityPay.io has already gone through two rounds of funding totaling $130,000. The latest $30,000 round was raised in September 2020 from Georgia’s Innovation and Technology Agency.
- CityPay.io is a convenient service for receiving payments both online and in physical merchants. A scheme of its use is simple — each business needs to register and create its wallet where a payment order with a special QR code will be generated automatically or manually. Users can scan such QR codes from any crypto wallet application.
- The startup is planning to explore the international market, specifically the CIS countries. The fresh funds will be partly spent on product development, while a large part will be spent on marketing and sales to quickly increase the number of partners, the founders tell Caucasus Business Week.