Bitreserve is looking to raise $10 million through its latest crowdfunding campaign. $7 million has been raised thus far, with 51 days left in its campaign.
The startup was started by CNET founder Halsey Minor and states to offer a bitcoin wallet hedging against crypto volatility relative to fiat. Their website also has a transparency page, stating to demonstrate proof of solvency. Also offered are API tools for 3rd party developers, among them exchanges looking to incorporate the transparency features. The company plans on holding a developers conference in the future.
As part of its proof of solvency efforts, Bitreserve says that it will be having an external accounting firm perform audits every 90 days.
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Previous plans included merchant integration and investment of client funds in various asset classes.
Minor says the crowdfunding, which is being held on CrowdCube for the UK and Venovate for the US, is meant to supplement other fundraising efforts. He added that campaign is beneficial for the broader public, telling CoinDesk:
“People should have a right to invest in innovation … there are so many things that are just fundamentally flawed. It’s like the finance system is still medieval.”
The latest campaign functions as a Series B round, in addition to an earlier round of $5 million, according to product development head Byrne Reese. The company would not disclose the identities of that round’s investors.