Westpac’s VC Fund Invests in Bitcoin Company Coinbase

Australia’s second-largest bank Westpac has directed its venture capital fund, Reinventure Group, to invest in Coinbase, a San Fransisco-based Bitcoin startup.
It is believed that the aforementioned vertical has joined the Coinbase’s $75 million funding round, the same which received support from some of the biggest financial sharks, including New York Stock Exchange (NYSE) and Citigroup’s former CEO Vikram Pandit. In the latest Series C funding, Reinventure Group was joined by renowned venture capitalists like Draper Fisher Jurvetson, Andreessen Horowitz, Robbot Capital and Union Square Ventures.
The companies however shied away from mentioning the amounts that were invested in the Series C round.
Experimenting with Bitcoin
Reinventure Group now plans to interconnect Coinbase services with Westpac to derive out a feasible solution to conduct cheaper global transactions, confirmed one of its representatives. In his statement to Financial Review, the said representative further acknowledged Coinbase for being serious about implanting next-generation security technologies on its platform and said:

This post was published at NewsBTC on Jun 30, 2015.