Eligma, a cryptocurrency payments startup based in Slovenia, has raised 4 million euros (~$4.4 million) from investor Roger Ver’s firm bitcoin.com and venture firm Pangea Blockchain Fund.
Announcing the news on Friday, Eligma founder and CEO, Dejan Roljic, said that the firm has “doubled the valuation” in the last 16 months of its launch. Interestingly, Pangea Blockchain Fund is backed by Ver himself, having invested in its $22 million seed round earlier this year. Ver is also joining Eligma as a board member.
Eligma is building a payments network using blockchain technology to help people get paid seamlessly. Its payment processor enables “real-time” crypto-to-fiat conversion of each payment, followed by fiat withdrawals made by merchants.
The firm also operates a utility token called Eli for payments. Eli tokens, issued initially on the ethereum blockchain, will shift to the bitcoin cash (BCH) blockchain with the new funding, said Roljic. The tokens will also be integrated into the Bitcoin.com wallet and could rename to GoCrypto (GOC) token. It will also be listed on the newly launched Bitcoin.com exchange, said the CEO.
Looking ahead, Eligma plans to expand to Turkey as it is “connected with a higher inflation rate but very much connected to Europe.”