Bitcoin bandwagon rolls on with $2m investment in fully insured vault
A UK-based Bitcoin vault has secured $2m in funding to provide greater security for investors in the cryptocurrency and to attract more big-mname clients to the medium.
Elliptic, launched just six months ago, secured the cash from venture capital fund Octopus and will use it to further refine its offline vault – used to store cryptographic ‘keys’ from institutional investors such as institutional clients, hedge funds and law firms.
It is the first significant investment in the virtual money in the UK and will increase confidence in the format by providing clients with a depository where they need not fear losing their holdings to hackers.
A custom analytics and performance tool is also offered to allow investors to track the value of their Bitcoins over time.
Elliptic CEO Dr James Smith said: “We believe that the future of finance lies in digital assets and as such it is essential that we work to both legitimise and protect the likes of Bitcoin. But digital currencies are just the start – the block chain technology behind Bitcoin has the potential to revolutionise a wide range of industries.”
A number of businesses and organisations have come to embrace Bitcoin in recent years, not least The Drum itself which was one of the first publications to carry a Bitcoin cover price.