Los Angeles Business Journal

GoCoin Nabs $1.5 Million in Series A Funding

By Matt Pressberg Thursday, March 27, 2014

Santa Monica alternative currency payment processor GoCoin announced today that it had raised $1.5 million in Series A funding. The round was led by Silver Spring, Md., bitcoin online retailer Bitcoin Shop Inc. and Owen Van Natta, former chief operating officer of Menlo Park Internet giant Facebook Inc.

GoCoin is developing a payment processing platform that allows merchants to accept not only bitcoin, but other alternative currencies such as litecoin and dogecoin, in exchange for goods and services. The company was founded last year by Steve Beauregard and began operating in late December.

As part of the deal, Bitcoin Shop will use GoCoin’s platform on its website, allowing the site to diversify its payment options beyond Bitcoin.

“Together, we are enabling customers the ability to use the growing number of virtual currencies when shopping on our site by leveraging GoCoin’s enhanced payment platform,” Bitcoin Shop Chief Executive Charles Allen said in a press release. “Once fully integrated, we will offer a best of breed, one-stop-shop user experience.”

Earlier this month, GoCoin announced that it would be moving its offices from a shared collaborative workspace in Santa Monica to a 7,000 square foot space on the city’s famed Third Street Promenade.