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Topic: 2013-08-20: Dow Jones VentureWire: Buttercoin Raises $1M (Read 7130 times)

hero member
Activity: 680
Merit: 500
I heard it was named buttercoin because the core body of the project is an incredibly attractive proposal whilst on the face of it there is a lot to be desired.
sr. member
Activity: 280
Merit: 250
I hear it's just a working title. Thank God.

They call their offer white label - meaning that customer can brand it as they like.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)

No No it has to be the best thing since sliced bread  Wink
(Except bitcoin which is the master of all wallets Smiley)
legendary
Activity: 1666
Merit: 1010
he who has the gold makes the rules
legendary
Activity: 2576
Merit: 1087
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
I just need to say wheres the toast
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
http://letstalkbitcoin.com/e34-bitcoin-and-the-butters/

Coming up on Today’s Show:

    Stephanie interviews Jeff Bussgang of Flybridge Capital Partners for the Venture perspective
    Andreas interviews Cedric Dahl, CEO of Buttercoin on their White Label Exchange service and Viral Liquidity
    Ryan Charleston of Bitcorati tells Stephanie why we don’t need a yellowpages any more.
    Andre DeCastro of eCoinCashier explains his App that will buy your Bitcoins, but won’t sell you any!
    Stephanie has a good talk with Josh Zerlan, COO of Butterfly Labs.


if you like the show, you can make Litecoin or Bitcoin donation  Smiley



have fun

LiteCoinGuy
sr. member
Activity: 362
Merit: 250
Partners on Google Ventures include (...) Rich Miner.

That must be a joke.

Reminds me of the "Asian crew members" named in this report: http://www.youtube.com/watch?v=7ZR4Em9JJDw.
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
really great news.


"Google Ventures is the venture capital investment arm of Google Inc. that makes financially driven investments in technology companies. Google Ventures seeks to invest in start-up companies in a variety of fields ranging from Internet, software, and hardware to clean-tech, bio-tech, and health care.[2]

The group was founded on March 31, 2009, with a $100 million capital commitment.[1] Partners on Google Ventures include Wesley Chan, Joe Kraus, Kevin Rose,[3] Bill Maris, Karim Faris, Krishna Yeshwant, and Rich Miner.[4][5][6]"
full member
Activity: 364
Merit: 100
Wow, seems like a huge thing. It combines an exchange and a international payservice!

Also great news google 's behind it.

I was also thinking about names, and I mean, the "bit" and "coin" thing has become redundant. It says nothing.
sr. member
Activity: 454
Merit: 250
I hear it's just a working title. Thank God.
sr. member
Activity: 282
Merit: 250
congrats for buttercoin

we need more bitcoin related startups to be funded by established tech VC / investors
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
horrible name for whatever buttercoin will be

Yes. This is an extremely weak name and clearly experienced branding people have not been engaged to do a proper job. Seems a common failing with many bitcoin startups. Only a few, "BitPay" for example, have a top-notch name.
hero member
Activity: 546
Merit: 500
Google Ventures are investing in bitcoin startups?? Wow I didn't know that

they invested in Ripple (OpenCoin) months ago.
legendary
Activity: 2408
Merit: 1121
horrible name for whatever buttercoin will be

Yeah, I'd avoid using 'coin' as a suffix for something like that - can potentially cause confusion as to what they really do. But the whole idea of competing with Gox is a welcome development.
legendary
Activity: 1372
Merit: 1000
--------------->¿?
This is pretty huge  Shocked
legendary
Activity: 2408
Merit: 1121
Forwarded from a friend who has an account:

International Bitcoin Exchange Buttercoin Raises $1M to Revamp Remittance
Lora Kolodny
August 19, 2013
(c) 2013 Dow Jones & Company, Inc.

Four-employee financial tech startup Buttercoin has raised $1 million in seed funding to scale its international bitcoin exchange, co-founder and Chief Executive Cedric Dahl told VentureWire.

Buttercoin's investors include Google Ventures, Y Combinator, Initialized Capital, Floodgate and Reddit co-founder Alexis Ohanian.

Bitcoin is a virtual currency introduced in 2009 that recently gained regulatory scrutiny and legitimacy in the U.S. Federal regulators have placed bitcoin exchanges under the same requirements as traditional money-transmission businesses, and a Texas judge this month recognized bitcoins as a legal currency.

On August 16, Bitcoins were selling on the largest existing exchange, Mt. Gox, for $108 to $112. Buttercoin will compete with Mt. Gox and a range of money-transmission businesses, like Xoom Corp ., PayPal and others.

Currently participating in the Silicon Valley accelerator Y Combinator, Palo Alto, Calif.-based Buttercoin, which is operated by Digital Currencies FinTech Co., partners with banks, credit unions and licensed financial services businesses around the world to offer remittance through bitcoins.

Here's how it works: People who want to send money to another country log onto a bitcoin exchange on a financial services firm website, "powered by" Buttercoin. They use their local currency to buy bitcoins, which they can then send instantaneously across borders.

Switching from one currency to another through bitcoin, the financial services firm may gain some value from arbitrage, but that part would remain invisible to the consumer sending the money, Mr. Dahl said.

"The benefit to a financial service company that becomes our partner is that [Buttercoin] gives them access to fee-free, bitcoin buying and selling," he said, adding that the company charges the end-user a 0.1% fee per transaction to use the service and splits that fee with its partner.

At this point, Buttercoin has not struck any partnerships with banks but has inked several deals with remittance companies in India, Canada, Brazil and Hong Kong.

Seed investor Mr. Ohanian said that Buttercoin eliminates foreign exchange risk for financial services firms. Based on this feature alone, he says, Buttercoin has the potential to massively disrupt the international remittance industry.

Mr. Dahl says he wants to ultimately help hardworking immigrants transfer money back home to their families overseas, without giving up a high proportion to entities like PayPal or Western Union .

The market for remittances hit $513 billion in 2011, according to data from the World Bank .

Venture investors have been increasingly interested in bitcoin businesses. Union Square Ventures invested in Coinbase, a startup that allows people to store bitcoins in a digital wallet and transact with merchants who accept the currency. Bit Angels, an angel network and incubator focused on early-stage bitcoin and virtual currency startups, raised 53,620 bitcoin in order to fund virtual currency startups.

Boost VC launched a specialized fund and incubator program to back and support Bitcoin startups. Lightspeed Venture Partners , Rothenberg Ventures, the Bitcoin Opportunity Fund and Ben Davenport all invested in the fund.

http://buttercoin.net

Write to Lora Kolodny at [email protected]. Follow her on twatter at @lorakolodny


full member
Activity: 200
Merit: 100
Thats amazing!
It shows that google is interested, don't know if that is a good or a bad thing..
I hope they beat the charges.
hero member
Activity: 602
Merit: 500
horrible name for whatever buttercoin will be
hero member
Activity: 634
Merit: 500
Google Ventures are investing in bitcoin startups?? Wow I didn't know that

I only found out when I saw them on the list of subpoena'd NY companies. Its the most bullish signal I have seen recently, too bad the first thing I hear about it is how they are getting stifled.
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