Coinapult is one of the largest and most innovative cryptocurrency wallet providers on the market today. The announcement was made this morning in Panama City, Panama. The company held only two rounds of funding and was able to raise US$775,000 from venture capital funding, including FirstMark, a huge venture capital firm with a strong history of backing Bitcoin.
Coinapult provides online consumer and business services to a global market. The company was founded in 2011 by Ira Miller and Erik Voorhees and was the first company to offer Bitcoin transfers via SMS and email. They offer “Locks” which lock in the price of Bitcoin - a feature that is extremely valuable considering the fluctuating prices of cryptocurrencies. Their business payment services, available through their API, has no fees to the merchant and offers instant conversion from BTC to either USD or Euros and the company offers its services in Europe, Latin America, Asia and Africa. Coinapult also offers settlements in GBP, AUD, CAD, CHF, CZK, DKK, SEK, ZAR, HKD, and JPY.
The new funding comes from a number of different sources:
- FirstMark for instance has a portfolio that includes 51 different companies, including such giants as Shopify, Riot Games (League of Legends) and Pinterest.
- The Bitcoin Opportunity Corp, headed by Barry Silbert has backed some of the most successful Bitcoin companies currently in business.
- Roger Ver, well known angel investor has been involved in numerous startups.
The new capital will help Coinapult develop further innovations to its already robust platform. While the amount raised did not equal some recent funding ventures by other companies (Coinify for instance raised millions in a single round of financing) this effort still secured nearly one million dollars and that goes a long way toward funding new development.
Back in August, Coinapult announced its plans to conduct a “Bitcoin experiment” on the small Caribbean island of Dominica where each person in that country who has SMS texting capability, will receive a small quantity of Bitcoin to use.
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