New Business Startup Looking To Bring Bitcoin To Masses
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Business Formation & Planning on Wednesday, April 8, 2015.
It may be a good idea for entrepreneurs to always be paying attention to the latest technological advancements. Being able to capitalize on new technology can prove to be quite profitable in California. This is what one business startup company is looking to do in regards to Bitcoin.
The company's name is 21, which is a reference to the fact that the number of bitcoins that can be released has been limited to 21 million. The new startup has just obtained $116 million in startup funds. The company is planning to make Bitcoin more accessible to the masses.
Among the venture capital firms funding the new company are Yuan Capital, Andreessen Horowitz and RRE Ventures. These three firms led the first financing round for 21. Other participants in the funding round include Khosla Ventures, Qualcomm, and the co-founders of PayPal, Zynga, Dropbox and eBay.
Despite the announcement of the initial funding for 21, the company has yet to release its plans for Bitcoin. One investor has stated that the new startup is still developing the core infrastructure of the business model aimed at making bitcoin usage mainstream. Many will be interested in watching to see what developments will come from this new startup company.
On the other hand, no matter what business model the new startup business decides to implement, it will still have to be aware of the relevant regulations in California and any other states in which it plans to do business. Compliance with the law can help to make the initial business startup phase more efficient and successful. It can also minimize risks associated with possible legal complications or conflicts in the future.
Source: businessinsider.com, "A stealth startup called 21 has raised $116 million to take bitcoin mainstream", Alyson Shontell, March 13, 2015