Blockchain, an iOS app that allows users to manage transactions using the Bitcoin virtual currency, has raised over $30 million as it looks to expand, particularly in developing countries.
The investment is led by Lightspeed Venture Partners and Wicklow Capital, as well as others including Richard Branson, Mosaic Ventures and Prudence Holdings.
The app, which is connected to an online wallet also operated by Blockchain, was pulled from the App Store by Apple in February before being reinstated in July.
The firm recently hit 2.3 million consumer wallet users.
“We searched long and hard for the right investors to bring onto the team to help us scale, to advise us, and work with us to bring Bitcoin to the next 20 million people,” said the firm’s blog.
Blockchain’s aim is to widen its appeal beyond Bitcoin enthusiasts to a more general audience.
In particular, it’s interested in developing countries where the virtual currency could allow users to send and receive money directly with one another without needing a bank account. In theory, this could lower the overhead of services such as remittances and wire transfers, so making them more affordable.