LibertyX Gets $400k Boost, Looks to Further Expand Bitcoin ATM Operations

CoinDesk reports that LibertyX, formerly Liberty Teller, has gotten a $400,000 injection of seed funding from venture capital firm Project 11.

LibertyX specializes in the business of selling bitcoins. The company was one of the first to operate a Bitcoin ATM in the US and has since added several in strategic locations. Seeking to make bitcoins easier to buy for the general population, they also reportedly facilitate in-person bitcoin purchases at 2,500 merchants.

The Funding Round , which was formally completed on December 22nd, will go toward hiring new talent. The startup currently has three employees including co-founder Chris Yim. They recently hired a dedicated CTO and plan on further increasing headcount during 2015.

Yim said that he believes that the Bitcoin ATM industry is headed toward a consolidation, whereby fewer players will be operating more ATMs. Thus, he anticipates more funding rounds in the industry as operators look to graduate from managing just a few machines to large-scale ATM operations.

An SEC filing indicates that the company is registered under the name Moon Inc.

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