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Coinbase Receives Five Million Dollar Startup

May 9, 2013 at 2:50 by Nicholas Gager

Coinbase the online Bitcoin trading company has recently received a five million dollar investment from Union Square Ventures; the largest investment in Coinbase to date by far. Coinbase has stated that the company intends to use the money to “cover operating costs and hire engineers, designers and business-support staff.”

Wilson of Union Square Ventures stated that they picked the company not because of the uniqueness of the company or because of the lack of competitors to invest in, but because they ” just really liked their approach to the business and the product they built. ”

This kind of investment in the market should not only help boost the value but also put Bitcoins on the main stage for other investors. We have yet to see larger companies like Warren Buffet’s Berkshire Hathaway invest in the market, but it is relatively small investments like this that if successful will draw the heavy hitters in.

Within the past two weeks we have seen the price of the Bitcoin fluctuate but with the trend being on the upward bound going from $97.62 to $124.90 and to today’s weighted average of $109.49 according to Mt.Gox. What we are seeing at the moment from the market is a slow recovery from the recent drop of nearly $50 in price.

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