FRED EHRSAM: “INVESTORS PUT THEIR MONEY WHERE THEIR MOUTH IS BY BETTING ON BITCOIN AS A TECHNOLOGY TREND”
Today’s big news is not about the Bitcoin price for a change, but rather about CoinBase closing a US$75m financing round, the highest amount to date for any Bitcoin start-up company. This announcement couldn’t come at a better timing, as Bitcoin is still suffering from recent price drops, and is now hovering around the US$210 mark. Analysts expect this fund raising to serve as a ‘vote of confidence’ for Bitcoin and Bitcoin-related companies.
CoinBase’s recent financing round was led by DFJ Growth, a company helping entrepreneurs to disrupt markets and build iconic companies. Bitcoin has been called disruptive ever since the digital currency started gaining more mainstream media attention, as it is a payment method for both online and offline purchases challenging more traditional payment methods such as cash and credit card payments.
The spirit of Coinbase employees and management is extremely high after this successful round of financing. Fred Ehrsam, one of the Coinbase co-founders, stated the following : ‘Investors still have a pretty high conviction on Bitcoin despite what the spot price of Bitcoin is doing, This really is people putting their money where their mouth is in terms of betting on Bitcoin as a technology trend.’
This post was published at Crypto Articles on January 20, 2015.