Market Overview

Bitcoin Company Raises Record Amount Of Cash For Mystery Operations

Bitcoin Company Raises Record Amount Of Cash For Mystery Operations

A bitcoin-based business called 21 Inc has raised $116 million in venture funding, the largest sum raised by a digital currency startup.

However, it is still unknown just how the company will use its record-breaking sum as 21 Inc. has kept its operations quiet so far.

21 Pledges To Spur On Bitcoin Adoption

Big names like QUALCOMM, Inc. (NASDAQ: QCOM) and PayPal's Peter Thiel were among the investors backing 21 Inc., with the company promising to help push bitcoin adoption into the mainstream.

Chef Executive and 21's co-founder Matthew Pauker mysteriously told The Wall Street Journal that the public can expect some "interesting developments" over the couples of weeks and months that will "drive mainstream adoption of bitcoin" through hardware and software products.

Blockchain And The Internet Of Things

Chipmaker Qualcomm's involvement has sparked speculation that 21 Inc. is looking to use the blockchain technology that powers bitcoin in order to break into the "Internet of Things."

The growing popularity of everyday devices that link to the internet and communicate with users and each other could serve as a perfect access point for bitcoin. Many see the currency's ledger-like blockchain technology eventually integrating into smart devices and creating a secure way to transmit data from one device to another.

Related Link: Bitcoin An Unlikely Solution For The Poor

Growing Interest In Digital Currency

21 Inc.'s funding demonstrates venture capitalists' shifting views on digital currency. Several other companies including Coinbase and BitGo Inc. have been able to introduce bitcoin-based businesses due to a growing interest in digital currency firms in Silicon Valley.

Though the new ventures make bitcoin more accessible to the public, there is still a lack of trust and understanding keeping the cryptocurrency from gaining popularity.

For that reason, many believe that firms which focus more on new uses for blockchain technology could be the future for bitcoin adoption.

Posted-In: 21 Inc. Bitcoin PayPalCryptocurrency Forex Top Stories Markets Tech Best of Benzinga


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