ChangeTip, “a love button for the internet,” has raised $3.5 million in its latest funding round. The round was led by Pantera Capital, with participation from Bold Start Ventures, DCG, CryptoCurrency Partners, 500 Startups and others.
The funding will go toward product enhancement, platform engineering development and user acquisition.
ChangeTip lets social media users express their appreciation to others with small tips in cryptocurrency ranging in eligible size from $0.00001 to $100. A tipping event on a given social media platform shows up as a user labelled as ChangeTip registering the transfer, expressed in bits (one millionth of one bitcoin), dollars and the prize (e.g. donut).
Said Nick Sullivan, ChangeTip founder and CEO:
“The social media phenomenon of ‘tipping’, or expressing one’s appreciation over the Internet with small monetary or other digital gifts, is building momentum. With ChangeTip, a million users can tip $0.01 and the content creator can collect his $10,000 – an impossibility in a legacy payments world.”
Indeed, visitors to various forums including Twitter and Reddit have observed an increasing frequency of changetipping during recent months. In August, the feature for Google Plus, YouTube and Tumblr. This is in addition to several other channels, and more are slated for future support.
Over 50,000 social media users are reportedly connected, with a reported monthly user growth of 30%.
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