Bitcoin News Mash-Up: Overstock’s New Move; Whopping Investment Continues; and More

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Bitcoin News Mash-Up

Following are the major Bitcoin news of the day

SnapCard Receives $1.5 Million in Seed Funding
SnapCard recently announced that it received a whopping $1.5 million in seed funding in a round led by Tim Draper. Launched in November 2013, SnapCard offers a browser plugin which allows consumers to purchase items with Bitcoins from those e-commerce platforms that do not accept cryptocurrency. This funding coincides with the launch of SnapCard’s new payment processing service which will provide people to use Bitcoin, as well as Ripple, Litecoin and Dogecoin for shopping online. The company’s CEO Michael Dunworth told CoinDesk.COM:

“We’re focused on payment processing, establishing infrastructure you can use globally and being really coin-agnostic. We know that digital currencies are here to stay, so we want to make sure that we can scale as communities grow to adopt different currencies along the way.”

Overstock Hires Counterparty Developers
Overstock, one of the world’s most renowned online retails, recently hired two developers, who reportedly had active hands in developing Counterparty– a project initiated to put all kind of financial services on the Bitcoin network. The reason why Overstock chose these talented individuals is write a software that have the ability to trade stocks in a decentralized manner. The company’s CEO Patrick Byrne told media:

“There is an opportunity to recreate the financial world as we know it in the parallel universe that is the blockchain,” Byrne tells WIRED, referring to the online public ledger that keeps track of all bitcoin transactions. “We are writing rules for this whole new universe.”

Serbia Central Bank Thinks Bitcoin as Illegal
In a move against the ongoing popularity of digital currencies, the National Bank of Serbia (NBS) released a statement in which it warned the citizens of keeping their interests away from trading Bitcoin and likewise cryptocurrencies. According to their document, Bitcoin is not a legal tender and clearly violates the Law on Foreign Exchange Operations. It clearly states that the payments, receipts and transfers made between Serbians and foreigners must be in either Dinars or other legalized fiat currencies. Only banks and authorized foreign exchangers can buy and sell foreign cash and coins. Bitcoin therefore falls outside the law.

To contact the assembler of the stories: Yashu Gola at yashu@forexminute.com