Start-up company Bitreserve has raised £6.3 million through Crowdcube and US platform Venovate to fund a bitcoin wallet that simplifies the saving and spending of the crypto-currency.
With Bitreserve, bitcoin users can hold digital coins in fiat money but spend the funds as crypto-currency without any fees.
The company is now partly owned by 136 ‘armchair’ investors, the Telegraph reports, who hold just over 10 per cent of the company. Investors seemed keen to become involved in this project, flooding the crowdfunding campaign which is now overfunding.
The company plans to use the fund to add to its team and tackle global expansion.
Serial tech entrepreneur Halsey Minor, who founded the digital news platform CNET. launched the Bitreserve last year in an attempt to eradicate the volatility associated with bitcoin and cryptocurrency.
The platform charges a 0.45 per cent commission to convert bitcoins into dollars.
Minor also intended to give people more control over their money, and has therefore committed his company to transparency.
“We have published a real-time, verifiable, proof of solvency so that anyone at any time can confirm that their value is backed one-for-one,” he said. “We believe this radical transparency is the only way necessary to create a more equitable financial system.”
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