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POS
Traditional payments giant First Data sent a ripple through the bitcoin community last month when the company announced it had acquired mobile gift card provider and long-time bitcoin industry advocate Gyft as part of a deal with undisclosed terms. Following the announcement, bitcoin’s vibrant reddit community was quick to begin speculating as to what the news could mean for Gyft’s long-popular service and what, if anything, the acquisition inferred about First Data‘s interest in the bitcoin space. In a new interview with CoinDesk, Senior Vice President of First Data Prepaid Solutions Mark Putman has addressed these concerns, confirming that, though the focus of the acquisition was Gyft’s mobile gift card platform, the company intends to take advantage of Gyft’s position in the bitcoin space to further its knowledge of emerging payment methods. Putman told CoinDesk: “We’re going to be watching extremely closely. [...] Getting the company comfortable with bitcoin would be the approach we’re taking right now.” Despite fears expressed by some Gyft users, Putman said that First Data has no plans to alter Gyft’s existing service, adding: “We’re focused on making sure that [service] continues to work like it has in the past for Gyft.” Notably, First Data earns more than $10bn in annual revenue through processing fees, selling and leasing point-of-sale (POS) devices and debit network fees, among other revenue streams. Observing the industry Putman went on to suggest that First Data has been watching developments in the bitcoin space, but that this interest doesn’t currently extend beyond its broader desire to maintain an understanding of new payment methods. Still, Putman indicated that the company’s interest in Gyft has lead to more internal research on bitcoin, stating: “I would definitely say [our bitcoin research] accelerated as a result of the acquisition.” For now, Putman says, First Data will continue to work with fellow Atlanta-based bitcoin merchant processing provider BitPay to convert bitcoins it receives to US dollars. Notably, Putman declined to comment on BitPay’s business model and what assessment, if any, the company has made about its potential to offer a similar service to the bitcoin space. First Data offers a number of processing services to its clients, with an emphasis on POS devices. Putman also suggested his company may have some reservations about bitcoin as an emerging payment method, mentioning fraud and regulation as issues that are important to any business decision First Data makes. Hands-off approach Vinny Lingham, co-founder and CEO of Gyft, told CoinDesk that his San Francisco-based company was attracted to the deal because of the synergy he felt between First Data and Gyft’s corporate cultures. Lingham told CoinDesk: “It’s a great bunch of guys, and we like working with them, and that’s what you look for in your partners.” Putman suggested that First Data, in turn, aims to allow Gyft to continue to build its budding platform, and that its aim is to not interrupt what it already feels is an emerging company in its own right. Lingham went on to note First Data’s successful acquisition of the Andreessen Horowitz-backed POS startup Clover as another influence on the deal. Expanding its reach Overall, Lingham voiced optimism that the acquisition will empower Gyft to enroll new merchants, thus continuing to enhance the quality of its mobile gift card offering for general consumers and bitcoin customers. For example, Lingham said that this validation would help encourage more small businesses and major retailers to join the platform, though he foresees that issues will still arise on an individual basis owing to the nature of his company’s core offering. Lingham concluded: “Having a company like First Data behind us saying that this is the future, and pushing us as the de-facto wallet standard for gift card delivery was a big part of why we wanted to get their stamp of approval. It just made a lot of sense.” Image via First Data First DataGyftvinny lingham
Original author: Pete Rizzo

raktuen
Rakuten Super Logistics, an order logistics company owned by Japan-based e-commerce giant Rakuten, has begun accepting bitcoin payments for its shipping services. The integration comes nearly a month after speculation began that the e-commerce company could soon leverage bitcoin as a payment method. In July, CEO Hiroshi Mikitani said in a speech that he believes Rakuten will adopt bitcoin “sooner or later”. As reported by Tech In Asia, Rakuten Super Logistics cited consumer demand as the reason for the decision. Company CEO Joseph DiSorbo said that by adopting bitcoin, the company has opened itself up to previously untapped customer bases, noting: “We are working to apply this new technology to the benefit of market participants, especially those who can’t now easily access the global e-commerce marketplace.” Notably, Rakuten Super Logistics chose BitPay as its merchant processing provider. Speaking to CoinDesk, BitPay Executive Chairman Tony Gallippi said that the deal brings bitcoin awareness to a signifcant international market, while also highlighting bitcoin’s capabilities for business-to-business (B2B) merchants. Gallippi told CoinDesk: ‘The B2B opportunities for bitcoin are largely untapped today, and companies like Rakuten Super Logistics are at the forefront of B2B bitcoin adoption.” A retail giant stirs Rakuten is one of the largest companies to demonstrate an interest in bitcoin to date, reporting $5bn in annual revenue and $31bn in assets as of fiscal year 2013. According to recent data, Rakuten represents the third biggest company to have at least some elements within its corporate structure to integrate digital currency. Computing giant Dell, which began accepting bitcoin payments last month, remains the world’s largest company to take bitcoin, reporting roughly $57 billion in revenue last year. Rakuten, founded in 1997, is comprised of a diverse group of businesses under one corporate umbrella. The company is involved in financial services, travel and media as well as e-commerce. When Rakuten first publicly acknowledged its interest in bitcoin, founder and CEO Mikitani remarked that the developmental arc of the Internet made digital currency adoption somewhat of an inevitability. Bitcoin’s footprint grows in Japan Given Rakuten’s outsized role in Japan’s e-commerce ecosystem and the growing prevalence of digital currency enthusiasts throughout the country, the pairing is a significant one. Coming months after the Japanese government declined to pass new regulations regarding bitcoin, the integration by Rakuten is another sign of bitcoin’s growing prominence in Japan. Despite being the former home to the now-infamous bitcoin exchange Mt. Gox, the domestic market is home to startups like bitFlyer that are raising funds to create new companies in the emerging space. The number of bitcoin supporters has grown, resulting in grassroots efforts to promote digital currency and its underlying technology. From business community standards groups like the Japan Authority of Digital Asset to meme-themed altcoins, Rakuten’s integration reflects the rising level of the interest in bitcoin among the country’s investors and consumers. Image credit: Gil C / Shutterstock.com JapanRakuten
Original author: Pete Rizzo

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  Following months of anticipation, some of Xapo’s global customers, including the CoinDesk team, received the company’s bitcoin debit card last week. Though bitcoin debit card offerings have been on the market for some time, Xapo’s product is unique in that consumers can make payments and withdraw money straight from their bitcoin wallets, rather than needing to load the card first. As such, excitement was predictably high for the Xapo Debit Card’s release, with many bitcoin users lauding the initial announcement on 24th April. Enthusiasm remained strong, even as Xapo lost support from its original card network, MasterCard. Since then, the product has been plagued by delays and messaging issues. For example, the company’s late release of a fee schedule for the card prompted outrage from customers, many of whom believed that they should have been more immediately informed of the costs. Xapo later attributed the additional fees to its choice of third-party card issuer, and offered to reimburse consumers for some unintended costs. Upon debut, CoinDesk finds that the Xapo Debit Card has potential to be a useful bitcoin spending tool, but there are a few hiccups it must overcome first. Testing it out When the card arrived, we weren’t actually sure what it was. Images of the card on Xapo’s site clearly display the company’s logo, but the card we received didn’t. Also, the envelope it came in didn’t feature the words ‘Xapo’ or ‘bitcoin’ anywhere, and neither did the accompanying letter. The letter referred to ‘My Choice’, which, research revealed, is a Gibraltar-based company specialising in digital payment solutions. My Choice is briefly included in Xapo’s website FAQ, but there is no mention of cryptocurrencies on My Choice’s website or its parent company, Wavecrest Ltd. The card itself is a bit flimsy – it’s not as thick as a standard credit or debit card, which makes it feel a bit cheap. When selecting the card we wanted, we opted for a GBP version, but we received a USD card, and we weren’t alone – Reddit user iwaldo experienced the same issue. Activating the card is easily done over the phone, and only requires the buyer’s date of birth as confirmation. We headed to a standard ATM and, first, checked the balance of the card. The screen told us the card had a balance of zero, which was a little concerning as we had loaded the card with 0.18 BTC a few days previously. Despite the apparent zero balance, we were able to successfully withdraw £10. cash-out-xapo First, we tried buying a coffee from café chain Pret a Manger using the card, but the transaction failed, so we were forced to pay in fiat, which wasn’t ideal. In another shop, we used the self-service tills and the chip and PIN option wouldn’t work, so we had to swipe the card instead and sign a receipt, which was only a mild inconvenience. It was third time lucky, though, when we visited a branch of Costa Coffee. Here, we were able to pay with the card via chip and pin, experiencing no issues. Viewing transactions The Xapo wallet is easy to use, with a simple layout displaying all recent transactions. One thing that is a bit confusing is that some transaction amounts are displayed in ‘bits’ and some are displayed in ‘BTC’. xapo-interface-transactions How it works Until now, the only bitcoin debit cards in circulation, such as those offered by Coincard and Cryptex, were slightly less practical. Instead of funds being taken straight from their bitcoin wallets at the time of a transaction, customers had to top-up their card beforehand. This effectively meant that they had to manually convert their bitcoins to fiat currencies before being able to purchase anything. In Xapo’s case, the company does the work – when someone tries to make a purchase or a withdrawal using the card, the transaction is directly forwarded to them. From there, it is established whether the user has enough bitcoin in their wallet or not, and if they do, Xapo immediately sells the corresponding amount of bitcoin via bitcoin exchange Bitstamp. The merchant then receives the payment in their local currency. The only thing the customer has to do then is make sure enough bitcoins have been transferred from their Xapo storage vaults to their wallets. Improvements on the way According to the Xapo website, the My Choice card design is only temporary, as the current cards are part of an existing program. The next batch of cards will be Xapo-branded, and will clearly show that they are “international bitcoin debit cards”. It may also become possible to have more than one card linked to a bitcoin wallet, if there is enough demand for it. The company hopes that it will soon be able to send its cards to the US and India, where they are currently not supported, because of an issue apparently linked to My Choice. In a follow-up email to US-based customers signed by chief strategy officer Ted Rogers, the company elaborated on the issues, suggesting that less than 24 hours after the first cards shipped, it was notified it would not be able to extend the offering to those regions. As a token of appreciation to US customers, Xapo said that US-based card users would not be charged the $15 fee in connection with the card, and that $25 in BTC would be gifted to their accounts. We contacted My Choice’s parent company Wavecrest Ltd for comment, but they did not respond before publication. Disclaimer: This article should not be viewed as an endorsement of any of the companies mentioned. Please do your own extensive research before considering investing any funds in these products. Images via CoinDesk bitcoin debit cardXapo
Original author: Marie Le Conte

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The Japanese bankruptcy trustee handling the Mt. Gox case has announced a six-month extension for creditors to register claims. Nobuaki Kobayashi’s decision also means there will be an additional six months before any formal investigation into the bankrupt exchange is completed. An email sent to those with Mt. Gox accounts read: “On July 24, 2014, the Tokyo District Court 20th Civil Division issued an order to change the period for filing proofs of claims and the date for investigation of claims as follows (please refer to the attached file). Detailed information for the filing of proofs of claims, including the form of the filing document and the process of the filing will be disclosed through the website of MTGOX Co., Ltd. at a later date. Your patience would be very much appreciated.” The previous deadline for filing proofs of claims was 28th November, with investigation findings due to be delivered on 25th February next year. Gox creditors now have until 29th May 2015 to file their claims, with the new investigation findings set to be announced four months later on 9th September. Not much comfort While the extension gives extra time for news of Mt. Gox’s bankruptcy to propagate to creditors in all corners of the world, it is unlikely to impress those who have been following developments from Tokyo closely. 100 creditors from Japan and around the world attended a court hearing with Kobayashi and Mt. Gox CEO Mark Karpeles in July, with most leaving dissatisfied with the lack of answers or details of any investigation into the company’s still-missing 650,000 bitcoins. Another hearing is scheduled for late November just before the filing deadline, and no notification has been received yet altering that date. Even at today’s reduced rates, several creditors have reportedly lost six-figure sums too large to recover through regular business earnings or trading. Others have lost their life savings. Looking for other alternatives Some in Japan have since taken to internet forums to ask about the possibility of removing Kobayashi from the case, claiming he is not serving creditors’ interests by spending big on consultants and administrative costs, while lacking sufficient knowledge of the technical matters involved in a digital currency theft. Kobayashi did say, however, that he was keen to talk to any parties with an interest in taking Mt. Gox’s remaining assets (including 200,000 ‘found’ bitcoins) and using them to start a new business. Newly-formed company BitOcean Japan is one such group, promising to grant creditors shares in any Gox-derived business. The SaveGox.com campaign, backed by Sunlot Holdings, had also showed interest in reviving the exchange. However, it has not updated its website since May. Image: Jon Southurst BitOceanJapanMt. GoxSunlot Holdings
Original author: Jon Southurst

business, online shopping
Global online payment processor Payza has announced it is now offering customers in 190 countries the ability to buy bitcoin via bank transfer. Payza took to its official blog to reveal the news, though this formal announcement followed preliminary tweets from both Payza business development consultant Charlie Shrem and the London and Montreal-based company itself. In its formal remarks, Payza hinted that the bitcoin buying option will allow it to pursue larger goals in the bitcoin and digital currency space, stating: “This is our first step into the exciting space of cryptocurrency, currency that exists solely in the digital world. At Payza, we’re very interested in bitcoin and cryptocurrency, and we have big plans to expand the way bitcoin can be used on our platform.” Payza first detailed its plans in the digital currency space in a May blog post that discussed bitcoin’s potential as a payments tool. This interest was further made evident in July, when Payza confirmed rumors to the The Wall Street Journal that Shrem was serving the company in an advisory role. #Bitcoin has arrived! More on the #Payza blog: Buy Bitcoin with Payza: Introducing Withdrawal by Bitcoin https://t.co/wdfzIAFVZT — Payza News (@Payzaofficial) August 11, 2014 Targeting merchants Speaking to CoinDesk, Shrem elaborated on Payza’s goals, suggesting that the company’s biggest opportunities may be in catering to bitcoin’s merchant space. He explained that, unlike popular alternatives such as BitPay and Coinbase, Payza could become a one-stop solution for new merchants that want to capitalize on bitcoin but offer multiple payment methods. “[Payza will] be the only company where if a merchant actually wants to accept both credit card and bitcoin, they only need to work with one company,” he said. Shrem indicated that Payza does not charge users to deposit funds into their accounts, but that a 2% charge for users who buy bitcoin via the platform applies. Buyers lock in the price of bitcoin upon purchase, however, the withdrawal process can be expected to take up to three days. Given that users are not charged to send funds through Payza, Shrem also remarked that the offering could position the company to become a player in the remittance space, adding: “[We're] drastically bringing down the price of remittances – 2% total end-to-end. We’re going to be adding the ability to send deposit in bitcoin as well, so you can move bitcoin between accounts and it won’t cost anything.” Refining the product As for why the product took some time to reach market, Shrem attributed the somewhat lengthy process to Payza’s desire to ensure its first offering was ready for bitcoin consumers. Shrem pointed out that Payza decided on five phases for the rollout, and that in addition to the development work, phases included training customer service and securing support from banking partners. He said many of these considerations were the product of Payza’s near-decade of experience in the payment industry, working with both regulators and its banking partners. Shrem explained: “Payza has very good relationships with regulators already [...] With bitcoin companies [...] they don’t have compliance officers, they’re kind of new to the scene, they don’t know what’s going on. With Payza, it’s kind of refreshing for me because I’m used to working with startups, working with a company like them is very organic and it’s a lot easier to get things done.” Creating an account Larger goals aside, Payza has also given consumers a first look at how its new offering will look, and what it will require from bitcoin buyers. To create an account, users first select the country in which they reside before then electing to open a personal or business account. Both accounts allow users to collect payments, exchange currencies and make payments via the platform. payza Users then provide their first and last name, email address and create a password before validating their email. To transact, Payza users need to then complete their profile with the service, providing information such as their job title, industry of work and Social Security number. Then, users input their address, phone number and create security questions to ensure the safety of their account. payza How it works Called the ‘Withdraw Funds by Bitcoin’ feature, Payza boasts that verified users can buy bitcoin in three steps: withdrawing funds, verifying the currency and confirming the transaction. To start this process, users click on the ‘Withdraw Funds’ button on the top corner of their account screen. Next they select ‘Bitcoin’ from a list of available options that includes bank transfer, bank wire and credit card. payza Finally, Payza customers enter the amount of funds they want to withdraw. Users must withdraw a minimum of $20 to complete their order. Business man image via Shutterstock Charlie Shremmerchant processingPayza
Original author: Pete Rizzo

bitgo2
The Bitcoin Foundation announced today that it will use BitGo’s Enterprise product to better manage its financial operations. Having the Bitcoin Foundation as a customer represents increased momentum and acceptance for the multi-signature wallet provider, chief executive and co-founder Will O’Brien told CoinDesk. The Foundation conducts the majority of its financial transactions in bitcoin, he explained, including payroll, technical grants and other activities. As the organisation’s projects continue to scale and impact the global community, the stakes are high for the Foundation to securely store, transact and manage its bitcoin holdings. BitGo will provide the financial management tools for the Foundation to more effectively organize its bitcoin assets. He added: “I’m excited to partner with them and provide a case study to the world that bitcoin is a very viable currency for your business.” Advancing the bitcoin economy O’Brien said BitGo is proud to count the Bitcoin Foundation as one of its customers as the companies are a “perfect fit”. He credited the Foundation as an “impactful, influential organization in the community” that has looked after the evolution of bitcoin’s protocol and the growth of the core development community. The co-founder added: “The number of companies that have been created, the amount of venture capital that has been put in and all the exciting things for the future – the Bitcoin Foundation, Gavin [Andresen] and the others are instrumental to that success, so we’re excited to support them.” To him, the new business represents major forces that can help propel bitcoin into widespread institutional adoption. Multi-signature technology is increasingly becoming a standard that all the major platforms and wallets will adopt, he said, because bitcoin needs a framework for security if it’s to continue moving into the mainstream. Bringing multisig to the fore BitGo first started looking at multisig technology in early 2013 when it brought the first multi-signature wallet to market. Introduced earlier this year, BitGo Enterprise takes functionality a step further as a fully HD, multi-user platform. It allows spending limits with approvals, fraud checks, institutional reporting and a number of other security and service protections. O’Brien believes that bitcoin’s future security industry will be best left to specialists. He likened his company to VeriSign in the early stages of transacting money over the Internet, in that the authentication company developed the standard practices and technologies that made e-commerce safer for users. He said: “No matter where bitcoin goes, not every company is going to have the wherewithal to go work at the very core levels of bitcoin and create all the security policies and procedures, and not every company can even build any technology at all. So we’re providing both the wallets’ Enterprise services and a platform with an API that can power the next generation of companies and ideas.” Because bitcoin is so pervasive, O’Brien added, and because digital currency can dramatically and positively impact nearly every industry, there will be an influx of innovation powered by bitcoin. “Before we know it bitcoin is going to be critical to our lives the way the Internet or mobile communication is critical,” he said. “I think it’s happening from all corners.” Bitcoin FoundationBitGomulti-signature
Original author: Tanaya Macheel

money transfer
Shanghai-based exchange LakeBTC says it has taken a step towards bypassing the delays and costs associated with international transfers by becoming a Ripple Gateway. Previously, users around the world wired fiat money to LakeBTC’s account directly. However, they may now deposit funds with a Ripple gateway in their local area in any currency, and transfer it to a LakeBTC USD account via the Ripple network instead. The same applies to withdrawals. CEO Thomas Xie told CoinDesk the decision to add the Ripple network transfer option was the result of customer demand and a dissatisfaction with the way traditional banks were handling transfers. He said: “The traditional banking/clearance system has been slow (surprise!) to respond to [customers' needs] in the new millennium. They charge hefty fees and the [delays are] not acceptable in the modern world.” Not to mention the significant proportion of the population who didn’t have access to regular banking services anyway, he added, which triggered yet another layer of problems. “From time to time, our customer support got user complaints about the wire delays, bounced transfers, and outrageous fees charged by the so-called ‘intermediary banks’ or ‘correspondent banks’.” Funds can now be moved in and out of LakeBTC accounts instantaneously and at minimal cost, no matter where users live. Ripple and other options LakeBTC had been evaluating a number of other alternative methods for users to streamline the deposit and withdrawal process, Xie continued, before deciding on Ripple. Users can also access LakeBTC accounts via EgoPay, and the company is still planning to add more banking and payment processor options in future. Xie added: “Our goal is to build a bitcoin platform with security, liquidity, and extraordinary service.” LakeBTC is also a member of the International Ripple Business Association, a non-profit industry self-regulatory group that sets standards and screens Ripple businesses in order to “establish trustworthy and secure services” for Ripple customers. Ripple: sending and receiving funds A Ripple gateway functions in a similar way to a traditional bank branch. Just as banks take your cash and move it into and out of the international banking system, so do Ripple Gateways with the Ripple Network. A basic idea of how Gateways function is here:   To use a Ripple Gateway, a user first needs a Ripple Wallet, which comes with an address and account, and can be set up easily online. Each account requires a minimum balance of 20-30 XRP (about $0.17). XRP is the currency of the Ripple network and is often compared to postage stamps on an envelope. You can add funds to your Ripple account by setting up a ‘trust line’ with a local Ripple gateway, which are the entry and exit points for assets into the Ripple network. Funds can be sent to the gateway using local bank transfer, PayPal, Credit Cards, or any other payment system they accept. The Gateway then issues you an ‘IOU’ for that amount, and you’re free to send it anywhere in world within the Ripple Network at almost no cost: this now includes LakeBTC accounts. When you want to withdraw the funds, use your wallet to notify the gateway, and the gateway must deliver those real-world amounts to you. This is also why it’s important to use gateways you trust. IRBA certification is just one option, and it’s wise to do your own online research as well. LakeBTC, one of the world’s largest exchanges LakeBTC is one of the world’s top five USD-BTC exchanges by volume, and was added to the CoinDesk BPI for both USD and CNY in June. Started in March 2013, it was initially run as a bitcoin exchange for a small group of financial professionals before opening to the general public later that year. Xie said LakeBTC is marketed towards all participants in the bitcoin ecosystem, including traders and institutions, miners, merchants and individual investors. Risk management and internal controls made LakeBTC stand out from the crowd, he added. “For financial firms, technology is only tip of the iceberg to safeguard inventors’ funds and personal information. The real challenge is on the financial turf: any weak link in risk management or process control will allure predators to sink the entire ship at the cost of all users.” High availability with fast trade matches were key to LakeBTC’s liquidity, Xie said. The platform also provided market data and trading APIs for advanced users looking for arbitrage, market-making and algorithmic trading. The exchange recently added ‘Dark Pools’ feature allows orders of 50 BTC or over to be ‘invisible’ to other users, preventing them from causing large price fluctuations and avoiding the attention of ‘financial predators’ who watch for potentially large price movements. LakeBTC is currently owned by Lake Investments Limited, with Shanghai Trading IT, Inc. providing the service’s technical and customer support. Image via Peshkova / Shutterstock AsiaChinaLakeBTCRipple Labs
Original author: Jon Southurst

Unocoin Bitcoin exchange and merchant payment processor Unocoin has closed a $250,000 funding deal with Barry Silbert’s Bitcoin Opportunity Corp. The Bangalore-based company has come a long way since launching in December 2013. After dealing with initial uncertainty surrounding local regulation of digital currency businesses, it has grown into one of India’s most popular bitcoin gateways. Silbert told CoinDesk: “I believe that Unocoin has the potential to become the leading bitcoin company in India for buying, selling and storing bitcoin, as well as merchant processing. As an early investor in BitPay and Coinbase, I saw first hand how first-mover advantage, coupled with a great team, can lead to market dominance.” Unocoin’s managing director Sathvik Vishwanath told CoinDesk that Silbert had approached the company in its first few months of operation. He said: “The investment and backing from the ‘Bitcoin Hero’ has brought both [...] cheer and responsibility to our team. A good part of the investment will be spent on scaling up Unocoin and its marketing efforts, while another part will be used towards regulatory compliance and security expenditures.” Unocoin’s new services Vishwanath continued: “We believe our hard work is starting to pay off [...] I can say we are processing 10 times the user verifications per day than [...] just 2 months ago.” The company launched its new Unocoin Merchant Gateway service in June for businesses, traders, e-commerce shops and freelancers as a fast and easy way to accept bitcoin payments. It does not currently charge its users any fees. Merchants using the service can also request for the bitcoin they receive to be instantly exchanged into Indian Rupees (INR) and transferred to their bank account within three days. Role in growing bitcoin adoption According to global business development manager Vikram Nikkam, Unocoin is currently in talks with a number of online vendors and international payment network ZipZap to explore potential collaborations. Unocoin and ZipZap testing global possibilities with Bitcoin @unocoin @AlanSafahi @manishchawla65 #india #remittance
– Unocoin (@unocoin) 10 Aug 2014 Nikkam added that Unocoin was also looking at India’s massive overseas remittance market, which transmitted $67.6bn back to the country between 2012 and 2013. An estimated 25 million people of Indian descent or nationality live in other countries around the world, mostly in the Middle East. “Bitcoin adoption in India among merchants is still in its nascent stage but we are going all out to change that. The future looks promising.” Silbert’s path to bitcoin venture capitalist Barry Silbert, a bitcoin investment pioneer through SecondMarket, left his founding position as CEO at the company in July to focus all his energies on the business’ digital currency side. He has remained CEO of the Bitcoin Investment Trust (BIT) and is has invested in over 30 companies through his VC vehicle Bitcoin Opportunity Corp, across a variety of industries and countries. As well as BitPay and Coinbase, those companies include Kraken, Safello, BitGo, Ripple Labs, Korbit, Gyft and Xapo. Bitcoin’s massive potential in India India’s authorities were hesitant at first to accept bitcoin businesses but, after liaising with representatives from the industry, they have adopted a far softer approach. The country is often flagged as one of the key emerging economies with most potential for digital currency-related growth. With a population of 1.2 billion people, a large percentage of whom have little to no access to traditional banking, India has a growing number of bitcoin exchanges and services. Nikkam added that bitcoin meetups in Bangalore are now routinely full-house events that attract members with advanced cryptocurrency knowledge alongside some novel ideas. The industry is determined to conduct itself openly and ethically, he said. “With the community growing we also stress the importance of clean trade and self regulation.” Disclaimer: CoinDesk founder Shakil Khan is an investor in SecondMarket and BitPay. Taj Mahal silhouette via Shutterstock Barry SilbertBitcoin Opportunity CorpIndiaUnocoin
Original author: Jon Southurst
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