Bonafide Gets $850K in Funding to Help Bring Identities Back to Bitcoin

Bonafide has secured $850,000 in funding to help build out its Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term-focused reputation scoring system.

The round was contributed by Quest Venture Partners, Crypto Currency Partners and the AngelList Bitcoin Syndicate, among others.

Bonafide's solution, the open beta version which is expected to launch in about a month, aims to bring transparency back to bitcoin transactions. It builds reputation scores based on data aggregated from sources such as social media, functioning, in a sense, as a credit rating agency.

A user that has left a verifiable footprint over the web may be deemed as a more trustworthy partner for business by, for example, a bitcoin Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term. The recent closure of a Polish exchange's bank account was attributed to a transaction performed on its platform with stolen funds. Exchanges may therefore find value in a solution helping them verify, as much as possible, the 'cleanliness' of funds coming in.

In general terms, founder Brian Moyer explained:

"What we've found is that people need to identify with something, whether it’s a person or an entity in the bitcoin ecosystem. People need to be able to see what’s out there."

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.