The Bitcoin payments company Strike has closed a Series B financing round, bringing their total funding to date to $80 million.
Ten31, a venture capital firm that focuses on Bitcoin companies, led the round of funding, according to a statement released on Tuesday.
But the funding also went to Washington University in St. Louis and the University of Wyoming.
The money will be used to make Stike's connections with local businesses even stronger.
Strike uses a technology called the Lightning Network, which is meant to speed up Bitcoin transactions so that the cryptocurrency can be used for everyday purchases.
In a statement, Jack Mallers, the founder and CEO of Strike, was quoted as saying, "Any organization that transfers money is interested in superior payments," and that "we're in talks with many of them."
Strike says that with the extra money, the company plans to launch new product lines that will serve new types of customers, like large financial institutions and businesses.
The app from Strike has already been used by big e-commerce companies like Blackhawk, NCR, and Shopify.
Strike made headlines when it was announced that El Salvador had joined its Bitcoin project as a partner. El Salvador was the first country in the world to recognize bitcoin as a valid form of currency in December 2017.
By making a Bitcoin wallet available in the country, Strike helped set up the infrastructure needed for Salvadorans to be able to spend their cryptocurrency.
Mallers pushed for the Bitcoin Law to be passed in El Salvador.
Mallers said that the plan was for people in El Salvador to use Bitcoin and the Lightning Network to save money on things like sending money home and other things.
Even though the government gave its citizens their own wallets and free cryptocurrency, many Salvadorans have reportedly stopped using Bitcoin or never really used it in the first place.
Even though the government gave them free cryptocurrency, this is the case.
Read More From EconomyGalaxy: