Legendary billionaire venture capitalist, Tim Draper, has reportedly invested $1.25 million in OpenN

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Million Dollar Investment To Be Used For Expanding Operations
The seed round for OpenNode was announced on Tuesday
(December 18th) and the BTC-only payment processor told
Coindesk that the funds raised would be used to recruit more
staff to help the company expand its business operations.
Additionally, OpenNode’s management team will ensure that the
company’s operations comply with regulatory guidelines.
According to OpenNode ’s official website, the company’s
payment processing services allow customers to “automatically
convert” bitcoin to their “local currency at the time of transaction
and avoid all price volatility.” These crypto-to-fiat conversions
are also “risk-free” as OpenNode provides a “cryptographically
secure platform”, two-factor (2FA) authentication, and 24-hour
customer support.

In order to settle transactions more quickly, OpenNode’s
software uses the Lightning Network (LN), a second-layer
payment channel designed to reduce transaction processing
times and fees. In exchange for its currency conversion services,
OpenNode charges a 1% commission on each transaction.
Lightning Network (LN) Grows By 15,000%
Commenting on the steady growth of the LN, OpenNode’s
management confirmed that the layer-2 payment network had
grown by over 15,000% to a 456 BTC capacity. An OpenNode
representative also said:

"We’ll continue to tackle new emerging
markets where the Lightning Network can cut
costs, promote creative payment models, and
refine the current user experience with
payments."

Notably, Draper’s million dollar investment into supporting
OpenNode’s operations has come after the founding partner at
Draper Associates made many other investments in various
crypto projects. In 2016, Draper led a $4.2 million series A
funding round to support Factom, a company focused on the
development of blockchain-based document authentication
platforms.

Earlier in 2015, Draper also took part in a $760,000 investment
round for Bitwage , a bitcoin (BTC) payroll startup. In the same
year, the founder of Draper University participated in a $8.8
million series A round involving Mirror, a firm focused on
developing a smart contract trading platform.

Tim Draper Stands By $250,000 BTC Price Prediction
As CryptoGlobe reported in November , Draper said he was
sticking to his $250,000 bitcoin price prediction (by 2022).
During a panel discussion, the venture capital investor
remarked:

"Believe it, it’s going to happen – they’re
going to think you’re crazy but believe it, it’s
happening, it’s going to be awesome!."

As an early cryptocurrency adopter, Draper notably bought
30,000 bitcoins at the US Marshals Service auction, after they
had been seized from the Silk Road black marketplace. When
questioned about whether he still owns the large amount of
cryptocurrency, Draper revealed at a Web Summit conference
last month that he is not only “hodling” those bitcoins but he has
also invested a lot more in the digital currency ecosystem.

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