30 Nov '15, 2am

Bitcoin Reputation Startup Bonafide to Shut Down

Bitcoin Reputation Startup Bonafide to Shut Down

Bitcoin reputation startup Bonafide has elected to cease operations and commence liquidation less than one year after raising $850,000 from investors including Blockchain Capital and Quest Venture Partners. According to an email sent to shareholders and obtained by CoinDesk, Bonafide had been approached by a “leading” bitcoin company for possible acquisition, however, the sale was declined as it was deemed "only beneficial to team members", not investors. Founded in 2013 , the startup offered an API that provided reputation data to bitcoin firms offering exchange, wallet and other consumer services. In the email, co-founders Karthik Balasubramanian and Brian Moyer stated their belief that the movement of investor interest away from consumer-facing applications for the technology was also a factor. Balasubramanian and Moyer wrote: "While investment and activity continues to...

Full article: http://www.coindesk.com/bitcoin-startup-bonafide-shuts-down/

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