Liberty Teller has rebranded itself as LibertyX now and willing to expand further and for that purpose it even raised more than $400,000 in funding from early-stage VC firm Project 11. The company not just changed the name but the nature of service as well. Earlier it was operating a small fleet of Bitcoin ATMs in the greater Boston area, now providing in-person Bitcoin buying network supported by 2,500 US merchants.
Regarding the fundraising, talking to media professionals, co-founder Chris Yim told that the capital will be used to grow the LibertyX team, which today consists of just three employees, while expanding its presence in the US. He admitted that his company has bootstrapped everything to-date and he is proud of what it has accomplished with just three of people.
According to Chris Yim, the funding round will allow the company to add staff to help address the growth it is experiencing across the board. He informs that the company put the funding to use since it was completed on 22nd December. The first step that it took was to hire a dedicated CTO to the team and willing to expand more staff this year.
Interestingly, the company is formally registered under the name Moon. According to an SEC filing for the deal reveals the total funding received was $404,104. Now that LibertyX has joined additional Project 11 portfolio companies including online catering company Phoodeez, location analytics company Locately and electronic tipping startup DigJar; it will reach to new people.
Funds to be used for hiring new staff
Operational for roughly one year, LibertyX has ambitious plans wherein it is trying to expand globally. The company benefited from its early and timely entrance into the Bitcoin market as it launched the second Bitcoin ATM ever installed in the US in Boston’s South Station last February. The company set trend in Bitcoin ATM installation as today there are dozens of them.
Not just Bitcoin ATMs, LibertyX is also reaching to new people with initiatives; for instance it struck key partnerships both as a graduate of the MassChallenge startup accelerator and a partner of transaction processing specialist Qpay. The partnership according to the firm will enable the company reach an extensive network of retail partners in its home market.
Nonetheless, as LibertyX has quickly expanded beyond owning and operating four Bitcoin ATMs, it now wants to expand further with more staff. The fundraising is to meet the expansion cost and pay for the new staff to be hired.
To contact the reporter of this story: Deepak Tiwari at email@example.com