Coinapult is getting $775,000 in venture funding, led by FirstMark Capital. The “mainstream” firm has investments in 51 companies, including Pinterest, Shopify and Riot Games.
Other figures in the Bitcoin community have also contributed, including Barry Silbert’s Bitcoin Opportunity Corp.
According to its website, the company offers a bitcoin wallet with enterprise-grade security. Its “Lock” offering shelters bitcoin holders from price volatility by locking holdings “to stable assets like Gold or USD.”
There’s also a merchant offering, for which the company says it charges absolutely no fees. The site says that each merchant is offered a dedicated account manager. The question does arise how and when the company will turn a profit based on its current business model.
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Coinapult has come out of relative obscurity, getting its name out there with sponsorships of “Bit Drop” and Blockstock. The sizeable investment separates the venture from the myriad of wallet services out there, placing it in the company of well known names.
Indeed, Silbert believes they have a unique offering:
“Coinapult has a great team, and they think differently. Their focus is on increasing Bitcoin adoption and lowering barriers to entry; theirs will be an important contribution in this emerging economy.”
The company is officially headquartered in Panama.