Billionaires Place Big Bullish Bets On Bitcoin
British billionaire Sir. Richard Branson and Li Ka-shing Asia’s richest man are hot on bitcoin in a vote of confidence for the beleaguered digital currency.
Branson, founder of the Virgin Group, is part of a group of investors who recently plowed $30 million in BitPay.
"Digital currencies, today, are at the same stage of evolution as the Internet was in the time of Netscape."
Li Ka-shing has a long and successful track record of investing in technology start-ups that turned into global brands. Li is currently worth US$32 billion according to Bloomberg Billionaires index. Some of Horizons investment successes (Li's investment holding company) are social network behemoth Facebook and voice-over-IP service provider Skype, now owned by Microsoft.
The startup, which plans to add about 70 jobs, develops software tools that allow online merchants to collect payments over the bitcoin peer-to-peer payment network. On April 8, Atlanta Business Chronicle reported on Bitpay’s plans to raise the funding round.
The $30 million round was led Index Ventures, with participation from Founders Fund, Felicis Ventures, RRE Ventures and AME Cloud Ventures. Atlanta-based venture firm TTV Capital, which focuses on the fintech space, also invested in the round.
And, BitPay has drawn the backing of another high-roller, Hong Kong billionaire Sir. Li Ka-shing. Late last year, Horizon Ventures, which manages the private investment of Ka-shing in the technology, media and telecommunications sector, was part of a group that invested $2.7 million in BitPay.
Bitcoin is a digital currency that is not issued by a government or bank, but “mined” by high-powered computers. Of the up to 21 million bitcoins that can be potentially mined, about 12 million are in circulation. Bitcoins are stored in “digital wallets” and can be used to buy products and services from more than 20,000 merchants worldwide.
The $30 million round was led Index Ventures, with participation from Founders Fund, Felicis Ventures, RRE Ventures and AME Cloud Ventures. Atlanta-based venture firm TTV Capital, which focuses on the fintech space, also invested in the round.
And, BitPay has drawn the backing of another high-roller, Hong Kong billionaire Sir. Li Ka-shing. Late last year, Horizon Ventures, which manages the private investment of Ka-shing in the technology, media and telecommunications sector, was part of a group that invested $2.7 million in BitPay.
Bitcoin is a digital currency that is not issued by a government or bank, but “mined” by high-powered computers. Of the up to 21 million bitcoins that can be potentially mined, about 12 million are in circulation. Bitcoins are stored in “digital wallets” and can be used to buy products and services from more than 20,000 merchants worldwide.
Branson’s commercial space travel company Virgin Galactic uses BitPay to accept payments in bitcoins. In fact, Branson was introduced to BitPay after one of the startup’s seed investors approached the business magnate about accepting Bitcoin to book Virgin Galactic flights. Three flights have since been purchased using Bitcoin.
BitPay is going to be one of the more successful ways to make money around the Bitcoin ecosystem, TTV managing partner Gardiner Garrard III said.
“As the Bitcoin ecosystem grows, one of the great ways to make money in it is through the merchant acquiring process,” Garrard said.
The venture capitalist likens BitPay to Georgia-based TSYS (Total System Services, Inc.) and Global Payments that enable businesses to accept credit card payments.
“It’s natural that a company that’s going to enable merchants to accept a new form of payment exists right here in Atlanta,” Garrard said. “BitPay has one of the best models, that’s already proven in other industries, to make money.”
Digital currencies, today, are at the same stage of evolution as the Internet was in the time of Netscape.
“We’re on the cusp of a lot of innovation that leverages cloud computing and open-sourced technologies to create different types of digital money,” Garrard said.
BitPay is going to be one of the more successful ways to make money around the Bitcoin ecosystem, TTV managing partner Gardiner Garrard III said.
“As the Bitcoin ecosystem grows, one of the great ways to make money in it is through the merchant acquiring process,” Garrard said.
The venture capitalist likens BitPay to Georgia-based TSYS (Total System Services, Inc.) and Global Payments that enable businesses to accept credit card payments.
“It’s natural that a company that’s going to enable merchants to accept a new form of payment exists right here in Atlanta,” Garrard said. “BitPay has one of the best models, that’s already proven in other industries, to make money.”
Digital currencies, today, are at the same stage of evolution as the Internet was in the time of Netscape.
“We’re on the cusp of a lot of innovation that leverages cloud computing and open-sourced technologies to create different types of digital money,” Garrard said.
Pantera Capital Management L.P. disclosed it had formed a $147 million investment fund for bitcoin, according to Bloomberg. SecondMarket Inc., meanwhile, is seeking approval for its Bitcoin Investment Trust to trade publicly by year’s end.
Li Ka-shing Boosts Bitcoin Investments Amid Currency Crackdown in China
Asia’s richest man Li Ka-shing has boosted his investment in bitcoin, in a vote of confidence for the beleaguered digital currency, amid a crackdown on its widespread popularity in China.
Despite the price of a bitcoin tumbling from political pressure, the billionaire tycoon has poured an undisclosed amount of money, believed to be worth millions of dollars, into Bitpay, the bitcoin equivalent to PayPal, through his venture capital investment company Horizons Ventures.
Bitpay has raised US$30 million (HK$233 million) in Series A funding (convertible into common shares when an IPO is launched) from eight investors including Li’s money-spinning vehicle, Horizons. Fellow investors include Virgin’s Richard Branson, and top technology men including billionaires, the founder of Yahoo, Jerry Yang, and PayPal founder Peter Thiel.
Li Ka-shing Has Boosted His Investment In Bitcoin
Gallippi, also the company’s executive chairman, added: “Unlike existing payment technologies such as credit cards, with their high fees and risk of fraud and chargebacks, Bitcoin was designed for the internet age, offering companies a lower-cost, lower-risk alternative.”
A spokeswoman for Horizons Ventures said: “We do not comment on any deals or rumours.”
John Greenwood, the architect of Hong Kong’s pegged currency regime, told the South China Morning Post in December, said investors should follow Li’s move to buy into firms providing the services that bitcoin holders use.
Horizons has a long and successful track record of investing in technology start-ups that turned into global brands with Li, currently worth US$32 billion according to Bloomberg Billionaires index, among the investors. Some of Horizons investment successes are social network behemoth Facebook and voice-over-IP service provider Skype, now owned by Microsoft.
Index Ventures Partner Jan Hammer, another of the investors alongside Horizon, added: “We see BitPay playing a key role in the future of electronic payments and paving the path for digital currency bitcoin.”
The global price of bitcoin has lost three-quarters of its value in just six months, tumbling from a peak of US$1,242 per coin. The latest price fall comes on repeated warnings from China’s central bank asking mainland financial institutions to stop doing business with bitcoin companies and individual customers to protect the value of the renminbi.
A US government report published on Monday said if Beijing successfully prevents Chinese users from accessing bitcoin, price declines would continue and threaten its legitimacy.
Monty Henry, Owner
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FACT SHEET: HIDDEN NANNY-SPY (VIEW VIA THE INTERNET) CAMERAS
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Camera Specs:
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* Image Sensor: 1/4" Micron Sensor
* Resolution: 720x480 Pixels
* S/N Ratio: 45 db
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posted by DPL-Surveillance-Equipment | 9:25 AM
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