Elliptic, a Bitcoin Storage Services Provider Gets $2 million in Seed Funding

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Elliptic, a Bitcoin Storage Services Provider Gets $2 million in Seed Funding
Elliptic, a Bitcoin Storage Services Provider Gets $2 million in Seed Funding

Elliptic, a Bitcoin Storage Services Provider Gets $2 million in Seed Funding

Earlier ForexMinute reported how venture capitalists are willing to invest money in the Bitcoin startup companies and bullish about the better returns on their investment. That report is now being proven right by several funding efforts; the latest is the one from Elliptic, a UK startup behind an insured Bitcoin storage service.

The Bitcoin vault provider has raised $2 million in a seed funding round led by Octopus Investments. The company has carved a niche for its safe and secure Bitcoin storage services as it is not just an innovator in the Bitcoin marketplace but also the first insured vault, which allows institutions to accept Bitcoin without fear of losing its cryptocurrency to hacker attacks.

The company also provides analytics and performance algorithms, which allow its customers to track the value of Bitcoin over time. Showing his enthusiasm Dr James Smith, Elliptic CEO, opined that his belief is that the future of finance lies in digital assets, and as such it is essential that his company works to both legitimize and protect the likes of Bitcoin.

However, he made it clear that digital currencies are just the start and the block chain technology behind Bitcoin has the potential to revolutionize a wide range of industries as well. His company has been advocating fiercely the cause of Bitcoin for which it has been working on a pre-emptive regulatory framework for the digital currency.

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Octopus Investments Optimistic About the Returns

Bitcoin which according to some speculators may hit the benchmark of $2000 soon is attracting the best brains as well. Even Octopus’ Rebecca Marshall believes that the fundamental secret for success is finding out the best teams with industry-defining ideas. She says she is delighted to be investing in Bitcoin ventures and quite impressed with the team’s active role.

Elliptic stores cryptographic “keys” on offline servers for a raft of institutional clients that includes hedge funds, law firms. It also has the newly regulated Global Advisors Bitcoin Investment Fund, a Jersey-based organization that allows insurers and pension funds to invest in Bitcoin, as a client.

Despite several setbacks Bitcoin is racing ahead and bankers and business leaders are investing hefty amounts in various ventures. Moreover, as the requirement for safe and secure vault is expanding, Elliptic which launched its vault in January this year is expected to get even more business than ever. This may be a reason that Octopus Investments injected money.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com