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Redpoint Ventures and actor Kutcher take part in $12m Bitcoin platform funding round

17 Jun 2014


California venture capital firm Redpoint Ventures has led the first round of investing for Bitcoin security platform BitGo, helping the business to $12m.

Actor Ashton Kutcher & Guy Oseary’s A-Grade Investments were among new investors in BitGo, with the round also including Radar Partners, Founders Fund, Liberty City Ventures and Crypto Currency Partners.

Previous investors Bridgescale Partners, Jeff Skoll, Bill Lee, and Eric Hahn also participated.

BitGo offers a platform aimed at making virtual currency Bitcoin safe. Its features include multi-signature wallets, transaction signing policies, private key generation and management, and authentication.

Redpoint’s founding partner Jeff Brody and Radar partner Stratton Sclavos, the former chief executive of Verisign, will join BitGo’s board of directors as part of the deal.

Sclavos said, “We believe that Bitcoin’s inherent advantages over existing financial services infrastructure, combined with BitGo’s best-in-class security platform, will accelerate the adoption of digital money as fundamentally as the internet changed global communication and publishing.”

According to BitGo the financing makes it one of the most well-funded companies in the Bitcoin ecosystem.

Funding rounds for other companies in the niche have proved more profitable, however, with Bitcoin infrastructure provider BitFury Group raising $20m earlier this month.

Online service provider for Bitcoin, Bitpay, raised $30m by May of this year thanks to investment from former Virgin boss Richard Branson.

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