Richard Branson: Banking As We Know It Is In The Midst Of An Enormous Change

Atlanta-based Bitcoin payments processor Bitpay has reportedly raised $30 million from a bunch of investors, including Sir Richard Branson. It's the largest funding round a Bitcoin company has ever produced. As of December 2013 Bitpay was used by 15,500 merchants.

Last year, Branson announced he'd begun accepting Bitcoin for Virgin Galactic.

In a statement this morning, Branson said the following about his Bitpay stake, the amount of which was not disclosed:

Banking as we know it is in the midst of enormous change and innovation. We have jumped in by investing in alternative payment models and also by accepting bitcoin for tickets on Virgin Galactic, the world's first commercial spaceline.

Bitpay has proven itself to process bitcoin safely and reliably, growing the market and increasing adoption, which continues to build trust, legitimacy and momentum in this exciting currency revolution.

It's hard to argue with the premise that traditional banking is in trouble. Digital banking featured as one of Citi's 10 innovations reshaping the planet, and much of the focus in Bitcoin shifts from its speculative value to how its underlying technology can be used.

For further evidence, check out our recent list of 10 companies already upending the payments space »