Bitreserve raises nearly $10 million; Coinbase funding global expansion

December 10, 2014 05:26 AM
Virtual currencies news roundup


  • Bitreserve has raised ~$7.8M of a $10 million Series B target from at least 55 investors sourced from a mix of institutions and crowdfunding portals in the U.K. and United States. Led by CNET founder Halsey Minor, Bitreserve has developed a transparent platform that avoids price volatility by allowing users to hold bitcoin in fiat currency, but spend it as bitcoin.
  • Coinsetter is offering up to 10% of its equity to institutions able to act as designated market makers on its low-latency trading platform. They will need to maintain at least $300,000 worth of liquidity on Coinsetter’s order book and trade through its FIX API in order to be eligible. Attracting deeper liquidity has become a primary challenge facing trading exchanges.
  • Leading processor Coinbase is raising another round of capital to fund global expansion and product development. The round is rumored to be between $40M and $60M and values the company at ~$400M. If completed, the deal would eclipse Blockchain’s recent record-setting $30.5M raise. Coinbase completed a $25M Series B in December 2013 and has raised $31.9 million to date.
  • Open-source identity startup OneName has raised an undisclosed amount of seed capital from a group of investors led by Union Square Ventures. The firm’s backers also include SecondMarket founder Barry Silbert and AngelList founder Naval Ravikant. OneName is developing novel online authentication methods that utilize blockchain technology, are fully open-source, and do not rely on passwords or social media accounts.
  • Blockstream’s funding round, first disclosed in an Oct. 1 SEC Form D filing, closed at $21 million. Investors included a raft of well-known Bitcoin backers, including LinkedIn founder Reid Hoffman, Yahoo founder Jerry Yang’s AME Ventures, Cryptocurrency Partners, Mosiac, Google Chairman Eric Schmidt’s Innovation Endeavors and venture firm Khosa Ventures. Blockstream is developing sidechain concepts that will allow multiple blockchains to interact with each other, dramatically expanding the options open to developers.
  • California-based Purse. initial offering has raised $300K in seed funding from investors including Roger Ver, Bobby Lee, StrongVC and crowdfunding platform FundersClub. Purse has developed a peer-to-peer service that matches users wishing to purchase items on using bitcoin with those wishing to buy bitcoin with credit or gift cards. 
  • Startup accelerator BoostVC has raised a $6.6M fund to back 200 firms over the next three years, half of which will be working on Bitcoin-related projects. Investors include Marc Andreesen, Rothenburg Ventures, Ben Davenport and Kilowatt Capital. Boost typically takes a small stake in the startups it backs in return for guidance, office space and introductions.
About the Author

Steven Lord is Managing Editor of and the founder of Modern Money Group. He has studied bitcoin since shortly after its inception, and has become a leading expert on the digital currency ecosystem. Lord has led several companies in the financial technology, investment media, brokerage and asset management sectors in the United States and Europe.