Tag Archives: Entrepreneurship

New IRS Bitcoin Rules Pose a Problem Startups Can Solve

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“Bitcoin, the IRS says, is property, not a currency. And as such, when you buy something with the volatile digital currency it’s most likely a taxable event.  That sounds like a bookkeeping nightmare, but as with so many of the twists and turns that face bitcoin as it matures as a digital currency (er, property) it’s also an area where new bitcoin startups could step in.  ‘I think this is going to create a huge opportunity for hosted wallets,’ says Jered Kenna, a bitcoin entrepreneur and the CEO of Moneyandtech.com. He believes that the smart bitcoin wallet makers will simply be able to add this as a service, tracking the capital gains and losses as you spend your bitcoins through the year.”

http://www.wired.com/wiredenterprise/2014/03/irs-bitcoin/

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Kraken, a Bitcoin exchange, raises $5M

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“Kraken, an online exchange for Bitcoin, Litecoin, Namecoin, Ven, Ripple, and other digital currencies, has collected a tidy $5 million.  That’s $5 million in real, grown-up dollars.  ‘We are excited to get significant funding to expand Kraken, which already has the most advanced order types, from the newest of users to the most sophisticated traders,’ said Jesse Powell, founder and CEO of Kraken, in a statement.  Kraken publicly launched in September 2013, and now claims it is the top exchange in Europe.  The company also touts Kraken’s ‘strict regulatory compliance and professional array of advanced order types, the result of two years of development.'”

http://venturebeat.com/2014/03/25/kraken-a-bitcoin-exchange-raises-5m/

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Can bitcoin absorb hundreds of millions in institutional capital?

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“The bitcoin market is about to get slammed with more capital and more trading sophistication than it’s ever faced. Anyone who tells you they know what the impact of this inflow will be is smoking their own supply.  SecondMarket isn’t the only group bringing sophisticated investors into the bitcoin fold. Silbert’s suggestive tweet comes on the heels of Pantera Capital announcing the first close of $150 million in institutional capital for its Pantera Bitcoin fund earmarked for bitcoin trading.  In other words, bitcoin is about to go from a niche, hobbyist market to a mainstream one frequented by professionals.”

http://pando.com/2014/03/25/can-the-bitcoin-market-absorb-hundreds-of-millions-in-institutional-capital-were-about-to-find-out/

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Cryptocurrency Payment Processor GoCoin Gets $1.5m in Funding

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“GoCoin has announced it has raised $1.5m in funding in order to expand its operations as an international payments platform for cryptocurrencies.  GoCoin plans to use the funding to expand its sales and technology teams as demand for cryptocurrency payments grows.  GoCoin competes with Coinbase and BitPay in the bitcoin payment processor market.  A favorable regulatory environment in Singapore led GoCoin to incorporate its business there. And it is focused on markets outside of the US.  GoCoin started to accept litecoin back in January. It recently added support for dogecoin as well.”

http://www.coindesk.com/cryptocurrency-payment-processor-gocoin-gets-1-5m-funding/

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Agora Commodities Surpasses $10 Million in Bitcoin Sales

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“Agora Commodities was one of the earlier innovators in the Bitcoin market when they announced that they would begin accepting Bitcoin for payment for gold and silver. Since that time they have done over $10 million in Bitcoin transactions alone. In just under one year Agora Commodities has become the largest Bitcoin to Bullion dealer in the world.  Agora Commodities is the first full service Bitcoin to Bullion dealer. They offer all the most popular gold, silver, platinum, palladium, and rhodium investment grade bullion products at the lowest prices. Visit them on the web or (877) 576-7342 to find out how they can help you secure your financial future.”

http://www.digitaljournal.com/pr/1810619

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Circle Financial Receives $17m To Fund Bitcoin Exchange and Wallet

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“The bitcoin company raised the $17m from various investors, including Breyer Capital, Accel Partners and General Catalyst Partners, bringing its total funding to date to $26m. Jeremy Allaire, Circle founder, Chairman and CEO, explained the funding will allow Circle to build its team, increasing roles across product, operations, legal, compliance, security and customer support. Allaire also has plans to open offices in a number of locations outside the US.  On top of this, the funds will be used to invest in the infrastructure required to provide a secure platform for the company’s customers.”

http://www.coindesk.com/circle-receives-17m-funding-unveils-exchange-wallet-service/

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‘Stripe’ Lead Engineer: Bitcoin is a Long-Term Investment

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“San Francisco-based online payments provider Stripe made a game-changing announcement, revealing that it is now testing bitcoin support with online data backup service Tarsnap.  The big picture implication of the move – that online bitcoin merchants would have yet another potential processing partner to choose from – was clear. However, many questions about the specifics of exactly how Stripe – which has traditionally focused on making online credit card acceptance easier – would adapt its service remained unanswered.  Now, Stripe has provided new details.”

http://www.coindesk.com/stripe-bitcoin-engineer-bitcoin-long-term-investment/

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Twitter Nears Deal With Payments Startup Stripe

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“Twitter is close to letting its users purchase products directly through the social network and is nearing a deal with payments startup Stripe to help it accept credit card payments from its users, according to a person familiar with the deal.  The deal, which is in the final stages but not yet complete, will be the surest sign that the social network is finally serious about making it easier for brands, retailers or manufacturers to sell stuff directly on Twitter.  Stripe spokeswoman Kelly Sims declined to comment. Twitter spokesman Will Stickney declined to comment.”

http://recode.net/2014/01/16/twitter-gets-serious-about-commerce-nears-deal-with-payments-startup-stripe/

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Stefan Molyneux on Bitcoin, Internet Freedom and Liberation

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“Stefan Molyneux is interviewed by Luke Rudkowski of We Are Change on Bitcoin, Internet Freedom and Liberation at the Texas Bitcoin Conference.”

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The Bitcoin Taxman Cometh

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“At least one entrepreneur sees opportunity here that would take advantage of the public nature of Bitcoin activity. ‘Accountants are going to want a very accurate transaction history and value of Bitcoin at the time it was purchased and used or sold,’ says Jake Benson, 25. At least one Bitcoin tax service — Bitcointaxes.info — invites users to manually enter their Bitcoin trades to calculate taxes, or to import it their trading activity from their chosen wallet service, such as Coinbase, Bitstamp or (eek) Mt. Gox. Founder Colin Mackie, a Seattle-based software engineer, started the service after he realized he needed it himself.”

http://www.forbes.com/sites/kashmirhill/2014/03/25/bitcoin-taxman-cometh-this-start-up-wants-to-help-crypto-investors-pay-the-irs/

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