Bitreserve has surpassed its £6 million ($9.3 million) funding target on CrowdCube, with total investment now at £6,114,048.
The startup was started by entrepreneur Halsey Minor and states to offer a bitcoin wallet hedging against crypto volatility relative to fiat. Their website also has a transparency page, claiming to demonstrate proof of solvency. Also offered are API tools for third party developers, among them exchanges looking to incorporate the transparency features. It also says that it will have an external accounting firm perform audits every 90 days.
It is based in San Francisco, with an office in Shanghai.
Trading Places: Finding The Best Jurisdiction for Your BrokerageGo to article >>
The venture is holding its crowdfunding campaigns through Crowdcube in the UK and Venovate in the US, looking to raise $10 million. The current round is its Series B, with an earlier round securing $5 million.
The £6 million investment would give investors a 10.88% stake in the company, implying a total valuation of just over £55 million ($85 million)–one of the highest among Bitcoin companies. 111 investors have contributed thus far, with one single investor (or investor syndicate) contributing 96%.
The campaign was set to expire on January 9th, exceeding its goal 16 days early.