Purse.io gets $300k in funding, annonces VIP membership

San Francisco-based Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term purse.io has secured $300k in funding, which will go towards building Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term apps and improving the user experience. The round was contributed by investors Roger Ver, Bobby Lee and Charlie Lee, along with FundersClub and StrongVC.

Purse.io is a marketplace allowing Amazon gift card holders sell them off, at a discount, for bitcoins supplied by their buyer. The seller is happy to get cold, hard 'cash' for the gift cards, for which purse.io estimates that $15 billion worth sits around, unused. The seller benefits in buying bitcoins- even with a credit card- without fees (although technically, this is more than compensated for with the incremental face value of the gift card).

The buyer benefits by getting to purchase merchandise on Amazon at a discount, and doing so with bitcoins. The buyer's bitcoins are held in escrow until the goods are shipped and received.

The company tracks the effective discount on goods facilitated by its marketplace. The market recently peaked at above 20%, beating expectations for equilibrium around 5-8%.

The company also announced its VIP service, aimed for Amazon Prime members and offering exclusive access to sub-10% discounts during the 24 hours after they're posted. Furthermore, these users are guaranteed that their order will be filled within 24 hours, with purse.io fulfilling it if nobody else does.

For a detailed list of recent investment and M&A activity in the crypto industry, please visit the DC Magnates Crypto Deal Table.