The round was contributed by Quest Venture Partners, Crypto Currency Partners and the AngelList Bitcoin Syndicate, among others.
Bonafide’s solution, the open beta version which is expected to launch in about a month, aims to bring transparency back to bitcoin transactions. It builds reputation scores based on data aggregated from sources such as social media, functioning, in a sense, as a credit rating agency.
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A user that has left a verifiable footprint over the web may be deemed as a more trustworthy partner for business by, for example, a bitcoin exchange. The recent closure of a Polish exchange’s bank account was attributed to a transaction performed on its platform with stolen funds. Exchanges may therefore find value in a solution helping them verify, as much as possible, the ‘cleanliness’ of funds coming in.
In general terms, founder Brian Moyer explained:
“What we’ve found is that people need to identify with something, whether it’s a person or an entity in the bitcoin ecosystem. People need to be able to see what’s out there.”
For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.