Legacy Banks Invest In Coinbase’s Record $75m Funding Round
On January 20th, America’s largest bitcoin exchange, Coinbase, closed its largest funding round yet. The company raised $75 million in a Series C funding round from numerous high level investors, including the New York Stock Exchange (NYSE), Citigroup CEO Vikram Pandit, Spanish bank BBVA, military financial services provider USAA, and Japanese telecom DoCoMo. The round was led by Bitcoin-friendly venture capitalist group, Draper Fisher Jurvetson (DFJ) Growth Fund, which Tim Draper, bitcoin investor and Silk Road Action winner, is a partner of. Other bitcoin seasoned venture capitalists....
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More than 30 R3 member banks are expected to invest in the blockchain consortium startup as part of its ongoing $150m funding round, a source close to the deal told CoinDesk. According to sources with knowledge of the details, the funding round would find R3 Partners (the startup's capital vehicle) retaining 40% of the company, with member banks allotted the remaining 60% of the venture. R3 members reportedly had until last Friday to declare non-binding interest in the funding round. Members who do not participate are reportedly able to join R3 Labs, a separate entity that includes all....
More and more banks are trying to explore the potential applications of blockchain technology in their operations. Some say that this could reduce clearing times and costs for trades while also providing a more secure approach to record-keeping. However, most banks are traditional in their approach and have a lot of homework to do when it comes to updating their systems, let alone understanding the complex blockchain technology. For Deutsche Bank Research analyst Thomas Dapp, banks need to first solve their legacy problems before adapting to new systems. Blockchain and Legacy Problems. "I....
South Korean bitcoin services company Coinplug has closed a $5m Series B funding round. The company drew support from firms including SBI Investment raising its cumulative funding to date to $8.3m. Joon Hyuk Park, investment director at SBI, told CoinDesk blockchain technology's potential to change legacy financial services, coupled with the team's business background and their execution capabilities had influenced his firm's decision to invest. Ryan Uhr, Coinplug's CEO, said the funding will be used to "ramp up development of its blockchain-based services", adding: "In the future,....
As many as seven of the original 42 members of the R3CEV banking consortium have yet to express interest in funding the startup's ongoing $150m funding round, leaked documents reveal. Released on PasteBin this morning (and confirmed by sources close to the deal), the text details a list of the banks that have expressed interest in participating in the funding, how much each could invest and the names of seven banks that are alleged to have opted-out. The list of banks includes names that have confirmed they are no longer participating in the consortium, including Banco Santander and....
Indian bitcoin exchange Unocoin has raised $1.5 million in a Pre Series-A funding round, the highest amount raised for any digital currency venture in the country. Unocoin, an Indian bitcoin startup that offers a trading platform for Indian customers to buy, sell and store bitcoins has raised a record $1.5 million in a round of funding, the company announced on Thursday. Founded in December 2013, Unocoin is headquartered in Bangalore, a city that is commonly deemed the “Silicon Valley of India.” Over the past near-three years, the company has grown to house 30 employees while clocking over....