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Author Topic: Bitcoin Startups Begin to Attract Real Cash  (Read 383 times)

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Offline bitcoinforum.comTopic starter Bitcoin Startups Begin to Attract Real Cash
« on: May 07, 2013, 11:46:42 PM »
Bitcoin Startups Begin to Attract Real Cash

Venture Investors Pour in Millions, Adding Credibility to Internet Virtual Currency; Regulation Looms as a Concern

Bitcoin startups are beginning to raise sizable investment capital even as industry leaders warn that hackers are abusing the Internet virtual currency for profit.

In the past year, fledgling businesses Coinbase Inc., Coinsetter Inc. and CoinLab Inc. have raised millions of dollars collectively from prominent venture-capital firms and angel investors, adding credibility to a digital currency that isn't backed by a central bank.

On Wednesday, Bitcoin, which can be used to make payments over the Internet without transaction fees or involving a financial institution, is expected to win its biggest validation to date with a $5 million investment in San Francisco-based Coinbase led by Twitter Inc. investor Union Square Ventures.

That investment would top last month's more than $2 million put into OpenCoin Inc., another virtual currency startup whose backers include venture firm Andreessen Horowitz.

"This is going to be a trigger point," said Union Square managing partner Fred Wilson of the Coinbase investment. "You'll see lot more venture money being poured into this space."

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