Saturday, June 8, 2013

Battle Over Bitcoin: China Backs US Startup Coinbase And US Falls Behind In Virtual Currencies

By  and  | June 08 2013 10:18 AM
Seven months ago, Fred Ehrsam pitched his bitcoin-based startup Coinbase to more than a dozen Silicon Valley investors. Although those potential backers were known for being forward-thinking -- and they had a lot of money to invest in high-tech ventures -- Ehrsam got more than a few blank stares. He spent most of his time explaining the concept of peer-to-peer currency, which is emerging as the world’s default platform for digital money, than he did describing his plans for the company itself.  So, he and his co-founders turned to the Chinese, specifically, to IDG Ventures. To the Beijing-based venture capitalists, the PayPal-like service for buying, selling and accepting bitcoins was a perfect fit.

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