Buttercoin CEO Reveals 'Tactical Mistake' that Led to Company Closure
One week after his startup's abrupt closure, Buttercoin CEO Cedric Dahl says the wider community should be careful to learn from his experience at the helm of the US bitcoin marketplace. Despite accruing an impressive list of investors, including Google Ventures, Centralway Ventures and Y Combinator, Dahl suggested that it was Buttercoin's affiliation with larger investment firms that ultimately left it less able to adapt in a changing bitcoin ecosystem. He told CoinDesk: "The big lesson is that you cannot rely on venture. You have to make a product that is self sustaining." Founded in....
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The recent developments with Buttercoin, a Bitcoin trading platform last week caught everyone by surprise. The company backed by heavyweights like Google Ventures, Y Combinator, Rothenberg Ventures etc. was forced to shut down its operations due to what they claim to be lack of funding. Bennett Hoffman and Cedric Dahl founded the Palo Alto, California based company in 2013. The company attracted a lot of attention and funding to rise through the ranks of Bitcoin based startups. Buttercoin later went on to become the first Bitcoin business to raise investment form a prominent Wall Street....
Comment added from Buttercoin founder and CEO Cedric Dahl. UPDATE (6th April 14:03 BST): Comment added from Garrick Hileman, an economic historian at the London School of Economics. US bitcoin marketplace Buttercoin is shutting its doors, despite launching with $2.1m in investor backing just four months ago. In a farewell post to customers today, the Buttercoin team announced the service will go offline this Friday (April 10th) at 11pm PST. Stressing that it was "100% secure and solvent", the Palo Alto-based platform blamed a lack of VC interest for its closure, stating: "With the dip in....
A new start-up based in Palo Alto, California is hoping to make a splash in bitcoin trading. They're Buttercoin, and this venture capitalist-backed service has just launched early access to their platform. The soft launch of Buttercoin comes just hours following Mt. Gox's filing for bankruptcy protection, signaling that better things are on the horizon for traders. Buttercoin has reportedly received on the order of $1 million from investors, among which include Kevin Rose of Google Ventures (also, co-founder of Digg) - who teased the early access program today on Twitter. As of this....
Buttercoin has just emailed everyone that signed up for their early access list! That's right, they made a PR campaign out of their launch. If you are interesting in pushing me further up the queue to get more information on Buttercoin to the masses faster, please follow this link and register for early access. Who Is Buttercoin? Buttercoin was founded by Cedric Dahl and Bennet Hoffman, formerly of CoinHarvest, back in 2013 and received roughly $1.6 million in funding from various sources including Google Ventures and Y Combinator. Dahl and Hoffman are targeting the International....
Company builder Centralway is investing $250,000 in bitcoin startup Buttercoin via its new early-stage investment arm Centralway Ventures. The company, which is set to be headquartered in Somerset House in London, will invest $50m each year in around 20 or 30 startup firms at the seed or early stage plus in bigger Series A funding rounds, TechCrunch reports. It said its preference will be to invest in companies early on and then continue investing in the same businesses as they grow. Buttercoin, which was founded earlier this year, is the first company Centralway Ventures is investing in.....