Bitcoin Platform Coinbase Nets $5 Million In VC

By  |  May 8, 2013
 | 

Ribbit Capital, Funders Club, SV Angel and Union Square Ventures announced a combined $5 million investment in the self-described Bitcoin wallet provider Coinbase.

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    According to Union Square Ventures, Coinbase “offers three important features: an online wallet to store Bitcoin; a merchant platform that allows services to accept Bitcoin as payment; and a service that allows individuals and merchants to buy/sell Bitcoin into fiat currencies.”

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    The company went on to say that it was enticed by the venture due to Coinbase’s architectural similarity to RSS, HTTP and BitTorrent as well as its potential to make the virtual currency more user friendly.

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