Vancouver Bitcoin exchange supplier raises $525K

Bex.io, a Canadian startup offering customers the technical assets necessary to start their own Bitcoin exchanges, recently announced a round of venture funding worth $525,000.

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Vancouver Bitcoin exchange supplier raises $525K

Bex.io, a Canadian startup offering customers the technical assets necessary to start their own Bitcoin exchanges, recently announced a round of venture funding worth $525,000.

The round received funding from CrossPacific Capital Partners as well as from Brian Cartmell and Ryan Holmes, the latter being the founder of HootSuite.

Bex.io described itself over the summer as the service that would allow Bitcoin entrepreneurs to outsource the technical side of their operations. As the website states, “Bex removes all the technical complexity of running a Bitcoin exchange.”

That would mean Bex covers the accounting, the wallet management and the interface design for a Bitcoin exchange. The client would then handle the regulatory compliance and marketing, splitting the revenue from transaction fees with Bex.

The split skews in favor of the customer/partner as Bitcoin exchange volume grows.

In a previous interview Bex co-founder Jesse Heaslip said that the company’s focuses would include security and exchange performance.

In fact, Bex can even build customers their own bespoke Bitcoin exchange platform in addition to the standard partnership agreement.

As part of the funding round, Marc van der Chijs from Cross Pacific Capital Partners has been named one of Bex’s boardmembers. The Dutch-born entrepreneur co-founded the Chinese video share site Tudou.com.

Bex is currently in invite-only beta, and potential users can sign up over at www.bex.io.

Vancouver itself is fostering a globally competitive Bitcoin scene. This fall, the city’s Waves coffee shop became the home of the world’s first Bitcoin ATM, which quickly began seeing weekly transactions in excess of 1 million CAD.

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