Virgin Mobile is offering prize money and marketing support in its Pitch to Rich competition, which has drawn bitcoin startup LazyPay to join. This competition is held annually as it aims to find the best entrepreneurs in Britain and offer winners as much as 250,000 GBP in marketing support and mentorship from Virgin Mobile CEO Richard Branson.
LazyPay is the only bitcoin startup participating in the competition and it offers services as a bitcoin wallet, exchange, and payment processor. “With the support of Sir Richard (who has been a high-profile advocate for bitcoin), we hope to grow the number of merchants who accept digital currencies. And make bitcoin become a part of everyday life,” mentioned the company in its blog update.
Bitcoin Startup Potential
The competition is still in its first stages, as signups and public voting have just begun. The top 50 companies included in the shortlist of those who have made it in the initial round will be announced this week.
From there, the startup companies will undergo phone interviews and workshops run by Virgin Mobile. Competition officials will then choose ten companies that can advance to the semi-finals. After this, the startup will make their pitch to a panel which includes Richard Branson himself.
LazyPay hopes that it can win the competition and gain funding to support its expansion plans in England and the rest of Europe. “We’ll be targeting London first and then the rest of the UK and Europe. There is a real appetite for bitcoin merchant services and we’re on a mission to help bitcoin reach the tipping point we all know is around the corner. Our goal is to sign up at least 100 pre-registered merchants before the apps official launch this summer,” said LazyPay in a statement.
Branson has expressed his support for cryptocurrencies and bitcoin startup companies previously, as he has started accepting bitcoin payments for his space travel service Virgin Galactic. He is also invested in bitcoin merchant BitPay.
LazyPay is the only bitcoin startup participating in the competition and it offers services as a bitcoin […]