If merchants receive their payments in Bitcoin, they can enter their Bitcoin wallet addresses with PayStand, having the cryptocurrency deposited in their wallets, and if they want cash they can enter their exchange address so they can exchange it to USD.
As part of its launch from beta, the company also raised USD 1 million in seed financing from investors, including Cervin Ventures, Serra Ventures, Central Coast Angels, and TiE LaunchPad. In a closed beta since 2013, PayStand began as a result of Almond’s own investments and experiments with digital currencies.
PayStand enables small and local businesses to convert their social relationships into commerce and payments.
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