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GoCoin secures $550k to process bitcoins in South America and Asia

Bitcoin processor GoCoin has secured $550,000 of funding to expand its operations into South America and Asia.

The firm, which currently has just four full-time employees, has chosen these areas to expand as the challenges of accepting credit cards and buying goods and services online can be particularly difficult.

GoCoin's funding has come from a group of investors, including former chief operating officer of Facebook, Owen van Natta, who has also held prominent positions within Amazon and Zynga in the past.

The firm's payment platform is currently in private beta testing with a small number of merchants.

Steve Beauregard, the firm's co-founder and chief executive, said that it is "imperative" software developers have the tools to integrate digital currency payment systems across the globe.

"Merchants should be able to accept not just bitcoin, but also other digital currencies as those emerge. GoCoin is both easy to implement and inexpensive to operate," he added.

By Gary Cooper