Canadian Bitcoin Startup Raises $500K in Seed Funding
Earlier this month Version One Ventures’ Boris Wertz wrote about the future of bitcoin and pondered whether heavy-handed regulation would make it hard for bitcoin startups to survive in the United States.
Wertz referenced “several new startups setting up shop in Canada to escape U.S. regulations” including the world’s first Bitcoin ATM in Vancouver as the start of a trend.
Today Vancouver continued to carve out a bitcoin niche for itself with Bex.io – a digital currency exchange network builder – announcing that it has raised $500K in seed funding.
Led by CrossPacific Capital Partners, with participation from Brian Cartmell, HootSuite Founder Ryan Holmes, Plug and Play and several angel investors, the funds will further strengthen the Bex.io team and support the initial rollout of the first cohort of Bex.io trusted partners.
Bex.io enables Bitcoin entrepreneurs across the globe to spread the adoption of bitcoin across different markets by providing compliant dealer, exchange and merchant solutions on a white label basis.
Founded in Vancouver in early 2013, Bex.io was able to collect a solid array of knowledge about today’s and future needs of the digital currencies market to ensure the right go-to-market and expansion strategies are in place. It has also developed its first product offering, a turn key dealer solution.
Bex.io will roll out multiple deployments over the course of 2014 and will start offering several liquidity provisioning options.
Bex.io told Techvibes that its strategic mission is the “mass proliferation of bitcoin” and sees partnering with successful internet and finance entrepreneurs as an efficient strategy in achieving this.
