Brazilian bitcoin startup Bipa raises $1.4M in seed round

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BIPAThe Brazilian startup that aims to simplify financial transactions via bitcoin has announced the successful completion of its seed investment round, raising R$8 million (about $1.4 million).

Notable investors include New Form Capital. Hivemind Ventures, a venture capital fund focused on early-stage startups involving blockchain technology and financial markets, and Hivemind Ventures, which invests in bitcoin-focused startups, both made their first investments in the Brazilian market through this round.

Founded in 2020 by Luiz Pereira, Bipa seeks to eliminate entry barriers and promote the use of bitcoin by providing a user-friendly digital account linked to instant payment networks PIX (Brazilian real) and Lightning (Bitcoin). According to a press release sent to Bitcoin Magazine, the startup aims to attract users who find the process of buying and selling bitcoins challenging and struggle to understand exchange operations to a wider audience seeking simplicity and convenience. Let’s fulfill

The funds raised will help Bipa expand its market, attract new users and develop new business-to-consumer (B2C) products, the press release said. “Our mission is to let people who use the Bepa application pay for their coffee every morning,” Pereira said. Currently, bitcoin usage remains prominent in Brazil, with BIPA’s primary focus on the local community. However, the company plans to expand its reach and bring the financial and technological revolution of bitcoin to more individuals.

In line with its growth plans, BIPA has unveiled a new visual identity emphasizing its accessibility and simplicity. The redesigned brand features a spring-shaped “B” logo, symbolizing impulse, and uses a vibrant and colorful palette. Pereira hopes the rebranding effort and improved user experience will encourage people outside the existing bitcoin ecosystem to join Bipa, which aims to bring more than 15 million Brazilians into the bitcoin community.

Nearly 6 million Brazilians, roughly 3% of the population, declare investments in cryptocurrencies, according to data from the Brazilian Association of Financial and Capital Market Entities (Ambima)’s Investor X-Ray report. With this investment round, Bipa aims to tap the potential of this market and become the preferred choice for those seeking an entry point into the bitcoin industry.