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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. Coinbase, a start-up that lets people trade Bitcoins, has raised $25m (£15m) in venture capital funding - the largest by a Bitcoin start up.
The move comes amid growing interest in Bitcoin, a virtual currency, which has seen its value surpass $1,000 recently. Bitcoin, a virtual currency, has been attracting a lot of interest and its value surpassed $1,000 recently.
Confidence in Bitcoins has grown after a US Senate committee described it as a "legitimate financial service". Backers of the currency, which is not controlled by regulators, have been pushing for its increased usage.
Coinbase said it plans to use the fresh funding to "educate the market, and promote the mainstream adoption" of the virtual currency. 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.