Controversial virtual currency bitcoin has received a strong validation from Asia’s richest man, Li Ka-shing, who has made an investment in BitPay, an Atlanta-based startup aiming to become the world’s largest bitcoin payment service provider, reports the state-owned China News Service.
The 85-year-old Hong Kong business magnate, the world’s eighth richest man based on Forbes’ latest rich list with net assets of US$31 billion, invested in BitPay through his venture capital company Horizon Ventures, which has previously made early investments Facebook and Skype. A spokesperson for Horizons Ventures said the group would not comment on the details of the investment
In a statement, BitPay said it was “fortunate to have the benefit of many supportive investors, including Horizons Ventures.”
Guzheng teacher Zou Lunlun accepts bitcoin in snub to banks and PayPal. The cost of international banking for one small Hong Kong business has become so high that it has turned to the crypto-currency bitcoin for help in a snub to the financial system.
Zou Lunlun, founder of the International Academy for Musical Arts (IAMA) in North Point, is the first business to accept and receive bitcoins as an alternative payment method for her online music lessons. She introduced the service in September
PayPal, as an alternative to banks, still asks senders to pay a series of charges, making the cost of sending payments equally expensive and unpredictable.
“As a traditional Chinese music professor, teaching the whole world while at the same time accepting new technology for the internet is a big step forward,” Zou said.