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Coinbase Raised $5M Funding For Bitcoin Startup

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Bitcoin startup are beginning to boom again. According to Wall Street Journal, Coinbase’s founders Fred Ehrsam and Brian Armstrong announced Tuesday the largest funding round to date for a Bitcoin startup, a $5 million investment led by Union Square Ventures. San Francisco based Coinbase was founded in June 2012. The company has raised $600,000 in initial seed funding from investors in early days.

Coinbase Bitcoin

Coinbase, a digital wallet for Bitcoins, also allows merchants to put a “Pay with Bitcoin” button on their website to make transactions easier. Majority of their revenue comes from buying and selling Bitcoins directly from Coinbase with a one percent fee on each transaction.

In April, company claimed about 116,000 members who converted $US15 million of real money into Bitcoin, up from $US1 million in January. Company also claimed an increasing business rate of about 15% a week, and its user base is growing at 12% weekly.

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