16 May '13, 7pm

Peter Thiel's Founders Fund invests $2m in Bitpay, a #bitcoin merchant processor

Peter Thiel's Founders Fund invests $2m in Bitpay, a #bitcoin merchant processor

BitPay, which processes payments for merchants in the virtual currency Bitcoin, has attracted some investors with a pedigree in pioneering alternative ways to send and receive money. The Atlanta-based startup said Thursday it has secured $2 million in seed capital from a group led by Founders Fund, a San Francisco-based venture capital firm started by Peter Thiel, Ken Howery and Luke Nosek, who co-founded PayPal. News of the investment follows a move by the U.S. government to rein in unregulated use of the cryptocurrency . The Department of Homeland Security charged recently that Mt. Gox, the world's largest exchange for trading the virtual currency, has operated as an unlicensed money transmitting business in violation of federal law designed to deter money laundering. The decentralized Bitcoin network appeals to some retailers, mostly online merchants, as a way to avoid ...

Full article: http://www.americanbanker.com/issues/178_95/bitcoin-merch...

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