Coinsetter to bring shorting to bitcoin with $500,000 funding round
12 April 2013 New York
Image: Shutterstock
New York City-based bitcoin startup Coinsetter has taken its first outside investment by closing a seed round totaling $500,000.
Coinsetter will soon be launching a levered forex trading platform for bitcoin that enables people to make levered trades on margin and short the bitcoin market. 鈥淭hese capabilities are available in all mature markets but are virtually absent in the bitcoin space,鈥� said Coinsetter in a blog post.
鈥淭hrough its focus on security, transparency and a great user experience, Coinsetter will be working to make bitcoin more accessible to both mainstream and institutional traders. In an ancillary arm, Coinsetter will also offer the first scalable solution for accredited investors and institutions to earn interest on their bitcoins.鈥�
Jaron Lukasiewicz, Coinsetter鈥檚 founder and CEO, said that the financing round places the company in a position to build a 鈥渉ighly demanded platform鈥� the right way. 鈥淲e now have multiple developers working to bring a high quality product to market, and we have even more people performing security-intensive code reviews on it.鈥�
Marshall Swatt, Coinsetter鈥檚 CTO, added that up until this point, few companies in the bitcoin space have been able to deliver the kind of security and reliability that is expected of any bank, brokerage or traditional financial investment firm, especially one that operates in under the US legal framework. Coinsetter鈥檚 paramount objective is to provide security and reliability, and to maintain complete trust with our customers in everything that we do.鈥�
The round was led by Barry Silbert, the CEO and founder of SecondMarket, and Jimmy Furland, a London-based tech entrepreneur. Silbert invested in the company through his Bitcoin Opportunity Fund. Tribeca Venture Partners, a NYC-based venture capital firm, also took a leading role as the largest investor in the round. Other investors include Microsoft head of corporate strategy Charles Songhurst, Facebook product lead Ben Davenport, and bitcoin industry leader Roger Ver.
Coinsetter will soon be launching a levered forex trading platform for bitcoin that enables people to make levered trades on margin and short the bitcoin market. 鈥淭hese capabilities are available in all mature markets but are virtually absent in the bitcoin space,鈥� said Coinsetter in a blog post.
鈥淭hrough its focus on security, transparency and a great user experience, Coinsetter will be working to make bitcoin more accessible to both mainstream and institutional traders. In an ancillary arm, Coinsetter will also offer the first scalable solution for accredited investors and institutions to earn interest on their bitcoins.鈥�
Jaron Lukasiewicz, Coinsetter鈥檚 founder and CEO, said that the financing round places the company in a position to build a 鈥渉ighly demanded platform鈥� the right way. 鈥淲e now have multiple developers working to bring a high quality product to market, and we have even more people performing security-intensive code reviews on it.鈥�
Marshall Swatt, Coinsetter鈥檚 CTO, added that up until this point, few companies in the bitcoin space have been able to deliver the kind of security and reliability that is expected of any bank, brokerage or traditional financial investment firm, especially one that operates in under the US legal framework. Coinsetter鈥檚 paramount objective is to provide security and reliability, and to maintain complete trust with our customers in everything that we do.鈥�
The round was led by Barry Silbert, the CEO and founder of SecondMarket, and Jimmy Furland, a London-based tech entrepreneur. Silbert invested in the company through his Bitcoin Opportunity Fund. Tribeca Venture Partners, a NYC-based venture capital firm, also took a leading role as the largest investor in the round. Other investors include Microsoft head of corporate strategy Charles Songhurst, Facebook product lead Ben Davenport, and bitcoin industry leader Roger Ver.
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