Bitcoin may be getting the bum rap in certain nations such as China, but look elsewhere and it is flourishing. Recently, Andreessen Horowitz made biggest input of $25 million in Coinbase. Coinbase is a sort of wallet system for Bitcoin users.
Coinbase is a virtual storage system for Bitcoins that has been progressively increasing its user base. It went from 200,000 users to 300,000 consumers in a matter of months. And today it has reached the astronomical number which is 600,000. Each one of them loves every minute of it. This seems to be a turning point in history where the economy has entered into cyberspace for real. What that means is that Bitcoin is no longer just an imaginary entity. It has an existence that is as hard core as it gets.
However, the customers who deal in Bitcoins and keep them stored in their wallets at Coinbase are getting larger by the second. In order to deal with this rising demand, Andreessen Horowitz gave a helping hand by contributing $25 million to the series B funding round thereby making Coinbase a real deal. Other enterprises which added their bucketful included: Union Square Ventures and Ribbit Capital.
The total amount that got collected was $31 million. Now that is indeed a lot. Bitcoin has just become an Internet sensation almost overnight when seen on the timescale. Coinbase meanwhile has improvised and improved itself till it is a vast sector in the economic game of wheeling and dealing. Coinbase caters to consumers, retailers and developers. It has become an alternative institution in its own right.
Chief Scientist of the Bitcoin Foundation, Gavin Andresen said, "Coinbase has become a critical piece of the Bitcoin infrastructure in the U.S., giving people a trustworthy and easy way to buy, sell, trade and store bitcoins."
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Source: Coinbase Blog