French Bitcoin Payment Services Startup Paymium Raises €1 Million

Paymium, a Paris-based bitcoin payment services startup, has raised €1 Million ($1,126,000) in seed funding.

The round was contributed by French venture capital firms Newfund and Kima Ventures, as well Galitt, a Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term consultancy and services firm. It also included a number of angel investors.

The funding will go towards expanding Paymium's presence in Europe and research and development.

The service is similar to that of a Coinbase, acting as an exchange service for bitcoin buyers/sellers as well as facilitating merchant acceptance for payment.

The announcement comes at a time of a noticeable drop in crypto industry venture investment, particularly in the area of 'traditional' bitcoin-as-a-currency services, which have been increasingly overshadowed by growing interest in Bitcoin's Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology. However, the industry in Europe is still considered by some as ripe for development, and less saturated than in the US.

In addition, Paymium is also considering the implications of blockchain technology down the road. Co-founder Pierre Noizat commented: "The interest of Blockchain technology, on which the Bitcoin grows, is now widely recognized by the banking sector. This opens the way to new applications in the field of digital trust and payments."

Last year, the company partnered with Showroomprive, at one point the largest merchant in Europe. It also partnered with point of sale (POS) and payment solutions provider Ingenico, also based in France, to support bitcoin payments earlier this year.