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Bitcoin start-up raises $25m venture capital funding | Bitcoin start-up raises $25m venture capital funding |
(35 minutes later) | |
Coinbase, a start-up that lets people trade Bitcoins, has raised $25m (£15m) in venture capital funding - the largest by a Bitcoin start up. | |
Bitcoin, a virtual currency, has been attracting a lot of interest and its value surpassed $1,000 recently. | |
Backers of the currency, which is not controlled by regulators, have been pushing for its increased usage. | |
Coinbase said it will use the funding to "educate the market, and promote the mainstream adoption of Bitcoins". | |
"We are nearing a tipping point for broad adoption of Bitcoin - what we at Coinbase believe to be one of the most important shifts in the global economy in our lifetime," the firm said in a blogpost. | "We are nearing a tipping point for broad adoption of Bitcoin - what we at Coinbase believe to be one of the most important shifts in the global economy in our lifetime," the firm said in a blogpost. |
Confidence in Bitcoins has grown after a US Senate committee described it as a "legitimate financial service". | |
However, China has banned its banks from handling Bitcoin transactions. |