Coinsetter raises $500k for bitcoin FX trading platform

Coinsetter raises $500k for bitcoin FX trading platform

New York-based start-up Coinsetter has raised $500,000 in seed funding as it prepares to launch its forex trading platform for bitcoin.

Bitcoin has pushed its way into public consciousness in recent weeks, with the virtual currency's value soaring from around $20 two months ago to just under $250 at the time of writing.

The Coinsetter forex trading platform will bid to accelerate bitcoin's move into the mainstream, enabling people to make levered trades on margin and short the market.

These capabilities are available in all mature markets but are virtually absent in the bitcoin space, says the firm, promising to work to make the virtual currency more accessible to both mainstream and institutional traders.

In an ancillary arm, Coinsetter will also offer the first scalable system for accredited investors and institutions to earn interest on their bitcoins.

Marshall Swatt, CTO, Coinsetter, says: "Up to this point, few companies in the bitcoin space have been able to deliver the kind of security and reliability that is expected of any bank, brokerage or traditional financial investment firm, especially one that operates in under the US legal framework.

"Coinsetter's paramount objective is to provide security and reliability, and to maintain complete trust with our customers in everything that we do."

The $500,000 funding round was led by Barry Silbert, CEO and founder of SecondMarket, and Jimmy Furland, a London-based tech entrepreneur. Tribeca Venture Partners, Microsoft head of corporate strategy Charles Songhurst, Facebook product lead Ben Davenport, and bitcoin industry leader Roger Ver, all also participated.

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