Wirex Limited, the London, U.K.-based company that produces the bitcoin debit card E-Coin, has announced a successful fundraising effort at BnkToTheFuture, the online investment platform. The campaign raised $186,596 USD from 93 investors. E-Coin, a virtual debit card and multi-signature wallet, allows users to spend and transfer bitcoin in cards denominated in USD, EURO, and GBP currencies and will be adding additional currencies.
The fundraising campaign raised $186,596 against a goal of $381,806 USD, meaning it surpassed the 10% minimum required equity of $152,722 on the offer.
E-Coin, which Wirex claims has more than 50,000 users and is growing at a rate of around 30% monthly, plans to use the funds to build a dedicated support team and to expand product development.
The company claims E-Coin has become the market leader for bitcoin cards despite the fact that its competitors have raised significantly more capital.
“We have been a lean and agile startup,” said Dmitry Lazarichev, a company spokesperson. “We are currently the only company which offers cards nominated in three fiat currencies and we have major plans with our current round of funding. We will be announcing multiple exciting developments in the coming weeks and months.”
The E-Coin platform allows free and immediate conversion between bitcoin and the fiat currencies. It allows users to spend bitcoin at many websites that do not yet accept it. In addition, it can also be used for third-party services such as PayPal and ApplePay. The bitcoins are secured by BitGo with multi-signature security, and they are insured by XL Group.
The E-Coin card has withdrawal and spending limits, but users can increase these limits by submitting verification documents. E-Coin’s valuation is based on cash flow forecasts that take into account market realities, the company noted.
Sam Dixon, CEO of BnkToTheFuture.com, said he became interested in E-Coin as a customer wanting to spend bitcoins. He said E-Coin offered debit cards where he could spend bitcoin in GBP, USD and EUR.
Featured image from Shutterstock. Images from e-coin.