OpenNode raises $20M to build up its bitcoin payments infrastructure

OpenNode raised $20M in a funding round, giving the crypto-focused company a $220M valuation and providing it with capital to build up its bitcoin (BTC-USD) and Lightning Network payments infrastructure. The oversubscribed round was led by U.K.-based Kingsway. Twitter (NYSE:TWTR), venture capitalist Tim Draper, and Avon Ventures, a VC fund affiliated with Fidelity Investments' parent, also participated in the financing. " This Series A funding is the next step in helping the company to realize our mission of making bitcoin payments simple and accessible for everyone, everywhere," said Josh Held, head of strategy at OpenNode. Draper pointed out that OpenNode's technology allows retailers to accept bitcoin (BTC-USD) without having to pay banks or credit card companies 2%-4% transaction fees. "OpenNode can do it with only a fraction of the energy cost required for an on-chain bitcoin (BTC-USD) transaction," he said. Twitter (TWTR), whose founder Jack Dorsey is a bitcoin fan, set