- Founded: 2002
- Ceased Operations: 2007
What did Bitpass do?
BitPass was an online payment system for digital content and services. BitPass allowed users to deposit money into an online account and use that stored value to purchase digital content, such as music, movies, and games. BitPass was one of the first companies to offer micropayments, which are small payments that are typically less than a dollar.
BitPass has raised a total of $13.3 million in funding over two rounds. The round was led by RRE Ventures, with participation from Steamboat Ventures, Worldview Technology Partners, Garage Technology Ventures, and Amicus Capital.
Who started Bitpass?
Founders Kurt Huang and Gyuchang Jun
Why did Bitpass go out of business?
BitPass was one of the first companies to try to make micropayments a reality, but the market never really caught on. BitPass’ payment system was not as convenient as other payment systems that were available. BitPass was a venture-backed company, which means that it raised money from investors in order to fund its operations. However, BitPass was unable to raise enough capital to keep the company afloat. This was due to a number of factors, including the fact that the micropayments market was not seen as a viable investment opportunity by many investors.
BitPass was acquired by VeriSign. However, VeriSign eventually decided to shut down BitPass’s micropayment system.