Bitcoin startup Bitreserve has raised $9.6m from US and UK investors through one of the largest equity crowdfunding raises to date.
The startup allows customers to hold bitcoin in the form of real-world currencies but still spend it seamlessly as the cryptocurrency.
An enduring problem with bitcoin is the volatility of the currency, which scares off some investors. Bitreserve hopes that its solution of storing the money in more stable currencies will open up the world to the new digital cryptocurrency.
Bitreserve raised the investment through Crowdcube in the UK and Venovate in the US.
It has said that more than 130 “everyday investors” committed over $760,000 to the raise, amounting to more than 6% of the expected total.
That total raise, though split between the two platforms, is the highest raise ever through Crowdcube, topping the previous record $2.9m.
“It’s been a real pleasure interacting with the savvy Crowdcube and Venovate investors,” said Bitreserve president Tim Parsa.
“Raising venture capital has been secretive and elitist for far too long.”
Having launched publicly in October 2014, Venovate CEO Michael Raneri believes Bitreserve is “at the forefront of redefining how the world uses currency”.