Y Combinator announced earlier this week that it had selected BitAccess, the bitcoin ATM manufacturer, to be part of its incubator program. Reportedly, the incubator is investing $120,000 for a 7 percent equity share in the startup.
Justin Kan, a Y Combinator partner, explained to CoinDesk that it wasn’t until after he had met with the BitAccess founders that he was convinced it was a good pairing.
“Honestly, I was skeptical when I first heard the idea, but we invested in BitAccess because the founders impressed us during YC interviews,” Kan said. “Without any experience with ATMs, they had created three generations of functional machines and had them live in the world with their own software, all in under five months. That is impressive.”
BitAccess co-founder Haseeb Awan told the news source that in addition to the investment money, Y Combinator had many other appealing incentives, which is why the offer was accepted. According to Awan, having connections and partners like Y Combinator are necessary to help his firm become a billion dollar company.
Awan added that this was the first official funding announcement for BitAccess.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.