Setting out to raise $4.6 million in funding, Bitreserve launched their second round of crowdfunding last November. Now the company has raised $9.5 million and is the second largest crowdfunded digital currency project, taking runner-up behind Ethereum’s ether sale. The funding was classified as a…
The funding was classified as a Series-B investment round, allowing investors from Series-A to reinvest if they wanted. Twenty-four investors participated in the Series-B round on CrowdCube, a platform for United Kingdom investors. To target United States investors, Bitreserve also used the Venovate crowdfunding tool.
According to reports by Altcoin Today, Bitreserve’s president of global strategy and markets announced that seven investments came from institutional investors while the rest of the money came from CrowdCube and Venovate.
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In an interview with CoinDesk, Bitreserve CEO Halsey Minor, also the founder of CNET, spoke out about the investment round, saying the crowdfunding would supplement their fundraising efforts. He said the main factor in the initiative was for to give the general public a chance to invest in technology.
“People should have a right to invest in innovation … there are so many things that are just fundamentally flawed. It’s like the finance system is still medieval.”
Later, Minor said Bitreserve plans to invest client funds in various asset classes, noting that the time for that plan is far off.
“We need to build up a very large amount of cash that sits on the bottom of the pyramid … we’re less well-known than big companies like Coinbase or Bitstamp,” Minor said. “But that gap will close in the next few months. It’s a little scary for me, there will always be awkward growing moments, but all of ours will be public – like, really public.”
SingerLewak is reported to complete a company audit by Dec. 31. When the results of that audit will be released is still unknown.
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Last modified: January 25, 2020 10:08 PM UTC