Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • The investment comes at a time of rising interest in cryptocurrencies, especially bitcoin, which recently hit a record high and has seen a massive rally since the start of the year.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • In addition, the start-up is looking to open new offices in different countries to expand.

Blockchain will use the money to expand into new territories.
Continue reading “Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson”

Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • Smith said that the recent rally in bitcoin has caused high demand for Blockchain’s wallet product, and the funding will help to meet that.
  • Blockchain has nearly 15 million sign-ups with “billions of dollars worth of monthly consumer wallet activity”, Smith said, adding this includes deposits and transactions.

Blockchain will use the money to expand into new territories.
Continue reading “Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson”

Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

#bitcoin wallet start-up #blockchain raises $40 million from Google, billionaire Richard

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • Smith said that the recent rally in bitcoin has caused high demand for Blockchain’s wallet product, and the funding will help to meet that.
  • Blockchain has nearly 15 million sign-ups with “billions of dollars worth of monthly consumer wallet activity”, Smith said, adding this includes deposits and transactions.

Blockchain will use the money to expand into new territories.
Continue reading “Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson”

Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • The investment comes at a time of rising interest in cryptocurrencies, especially bitcoin, which recently hit a record high and has seen a massive rally since the start of the year.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • In addition, the start-up is looking to open new offices in different countries to expand.

Blockchain will use the money to expand into new territories.
Continue reading “Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson”

Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson

  • Blockchain, a bitcoin wallet start-up, has raised $40 million led by venture capital firm Lakestar, Google’s investment arm GV, and billionaire Richard Branson, the company said on Thursday.
  • The investment comes at a time of rising interest in cryptocurrencies, especially bitcoin, which recently hit a record high and has seen a massive rally since the start of the year.
  • Blockchain has created a bitcoin wallet which is essentially a piece of software to store the digital currency and carry out transactions with other users.
  • The money will be used to expand the team further and invest in more research and development, Blockchain CEO Peter Smith, told CNBC on Thursday.
  • In addition, the start-up is looking to open new offices in different countries to expand.

Blockchain will use the money to expand into new territories.
Continue reading “Bitcoin wallet start-up Blockchain raises $40 million from Google, billionaire Richard Branson”

Hackers who infected 200,000 machines have only made $50,000 worth of bitcoin

Hackers who infected 200,000 machines have only made $50,000 worth of bitcoin

  • Hackers who locked files on 200,000 computers globally and asked for a bitcoin ransom payment to unlock them, have only made around $50,000, an industry source told CNBC, despite the large scale of the attack.
  • James Smith, CEO of Elliptic, a London-based start-up that helps law enforcement agencies track criminals using the cryptocurrency, said his company had uncovered that since Friday, around $50,000 worth of bitcoin payments have been made to the hackers by 7 a.m. ET on Monday.
  • “We have seen the number of payments start to go up today,” Smith told CNBC Monday.
  • After 72 hours from when the attack started on Friday, the hackers said the fine would double to $600, and after seven days, the files would be permanently locked.
  • “We think over the course of today as we approach the first deadline where fines double we will see a bigger increase (in bitcoin payments),” Smith added.

The amount the hackers will demand is expected to double from $300 to $600 on Monday.
Continue reading “Hackers who infected 200,000 machines have only made $50,000 worth of bitcoin”

The battle over the future of bitcoin

  • On the other side of the fence, Peter Smith, whose firm Blockchain tries to help people pay with bitcoin at places like local coffee shops, says “religion does perhaps explain it well”.
  • Naturally, Smith wants bitcoin to grow quickly – preferably very quickly, handling lots of transactions at the same time so it’s faster and more convenient for users to spend money, and so that his investors make a bigger, faster return on their investment.
  • Along with other bitcoin companies, Smith is trying to improve the process to handle more consecutive transactions to reduce delays and boost volume.
  • Smith, Wright and some other key bitcoin developers want the blocks to be larger so more transactions can clear at the same time.
  • In 2014, before bitcoin’s current identity crisis, bitcoin developer Gregory Maxwell and several encryption enthusiasts co-founded Blockstream, a bitcoin startup that tries to develop new ways to use the currency’s main technology, the blockchain.

Billed as the future of democratized, digital money, the currency is now at the center of a conflict over how to develop technologies behind the system
Continue reading “The battle over the future of bitcoin”