Bitcoin exchanges are the gateway in between fiat and digital currency. Vancouver-primarily based Bex.io has received venture funding in order to advance its personal ideals on how to construct them.
The firm, which has built a bitcoin exchange platform, has received $ 525,000 in venture capital to fund its operations. The round was funded by CrossPacific Capital Partners, with participation from Brian Cartmell and HootSuite Founder Ryan Holmes. Plug and Play and Boast Capital also contributed financing not too long ago.
Founder Yurii Rashkovskii told an audience in London in July that Bex.io plans to “help bitcoin enterprise entrepreneurs handle the technical side of the operation so they do not need to have to worry about it”.
Focusing on bitcoin regulatory concerns may possibly eventually be a greater use of an exchange’s time than constructing an whole technique from scratch. Governments in a variety of jurisdictions have differing opinions on what bitcoin might means within a certain regulatory framework.
For instance, in the United States the Economic Crimes Enforcement Network (FinCEN), an anti-money laundering unit of the US Department of Treasury, not too long ago sent out “industry outreach” letters relating to anti-money laundering practices. The objective of this was to encourage bitcoin businesses to register with FinCEN and uphold standard cash transmitter responsibilities such as record keeping.
Bex.io’s business program is related to that of Robocoin, a bitcoin ATM manufacturer. That firm is operating with partners in regional jurisdictions who can navigate certain regulatory concerns that might crop up.
A single of Bex.io’s founders, Jesse Heaslip, previously told CoinDesk that safety and efficiency would be crucial metrics that the business would focus on. The Bex.io platform is built for the datasets that a burgeoning exchange could encounter. Prevention of distributed denial of service attacks (DDoS) via third-party penetration testing is an essential portion of maintaining the company’s platform safe.
The Plug and Play technologies incubator in particular has plans for a total of ten investments in bitcoin-associated startups more than the course of 2014. Eleven bitcoin startups pitched for funding at Plug and Play’s Sunnyvale, California facility in early December.
Marc van der Chijs of Cross Pacific Capital Partners, and co-founder of on the internet video sharing internet site Tudou.com, has been appointed to company’s Board of Directors.
Bex.io is presently in a restricted beta, and invites can be requested from the company’s web site.
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View Bitcoin Exchange Startup Bex.io Recieves $ 525k in Funding on CoinDesk.
Bitcoin Exchange Startup Bex.io Recieves $525k in Funding
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