Digital Wallet Startup, Coinbase Secures $25 Million in VC Funds

Coinbase has announced today on the company's blog, that it has raised, in a series B funding round, a total of $25 Million, in the biggest 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-related venture capital investment ever in the history of digital currencies.

This development might be seen by the markets as a great vote of confidence in the viability of the digital currency after its recent drop in value. Last week the Chinese Central Bank banned financial transactions in Bitcoin for banks in the country, leading some to ask if China is going to destroy Bitcoin.

Coinbase refers to the service offering as "an international digital wallet," allowing its clients to not only buy Bitcoins like at an exchange, but it also works with merchants allowing them to accept Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in Bitcoin, as a sort of Paypal for Bitcoin. The company's user base has been growing very rapidly, averaging 10,000 new customer sign-ups a day, reaching 600,000 wallets and 16,000 merchants as of today.

The funding series was led by Andreessen Horowitz, with participation from previous investors' Union Square Ventures and Ribbit Capital, which already gave Coinbase $5 Million during the series A funding back in May of this year.

According to the announcement, Coinbase plans to use this round of funding to scale its operations to the recent surging demand for digital currencies, expanding its team of programmers, to promote the adoption of Bitcoin by educating the market, and expanding the referral program it operates.

Venture Capital funds have recently being showing ever-growing interest in investing in the Bitcoin ecosystem. Just recently in December it was announced that BTC China raised $5 Million, and an institutional Bitcoin exchange from Singapore, itBit, secured $5.5 Million in funding.