Bonafide Gets $850K in Funding to Help Bring Identities Back to Bitcoin

Bonafide has secured $850,000 in funding to help build out its Bitcoin-focused reputation scoring system. The round was contributed by Quest Venture

Bonafide has secured $850,000 in funding to help build out its Bitcoin-focused reputation scoring system.

The round was contributed by Quest Venture Partners, Crypto Currency Partners and the AngelList Bitcoin Syndicate, among others.

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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.

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