21 Inc., Latest Bitcoin Firm Raises $116M to Bring Bitcoin To Masses

San Francisco based firm, 21 Inc. plans to bring bitcoin technology to the masses with innovative new uses for the fledgling digital currency. The company has collected $116 million in venture capital investments after months of work under the radar. Much speculation has surrounded the launch of 21 Inc. as the company has operated in near silence for the past year and a half. Precise information on what the company is seeking to provide is still under wraps with the only information provided in the form of cryptic messages from the Chief executive and co-founder Matthew Pauker.

“Several interesting developments over the next weeks and months…to drive mainstream adoption of bitcoin,” said Pauker, according to the Wall Street Journal.

Despite the vagueness of the company’s mission, 21 Inc. has found no lack of interest in Silicon Valley investors. One of the company’s largest contributors includes Andreessen Horowitz and REE Ventures, Chinese equity firm Yuan Capital, San Diego based Qualcomm Inc. Familiar faces from the tech world are also interested with investments coming from Peter Theil and Max Levchin, co-founders of PayPal, Jeff Skoll, co-founder of eBay, Drew Huston, CEO of Dropbox, and a few others.

Speculation about the service 21 Inc. will provide center around the technology side of bitcoin. Some endeavors to use the blockchain, bitcoin’s open access ledger book, in places other than a cryptocurrency are highly anticipated. Some Silicon Valley investors have highlighted that the blockchain could be used for creating digital smart contracts and casting ballots in an open and tamper-proof election.

 

Read More – Secretive Bitcoin Start-up 21 Reveal Record Funds, Hints At Massive Consumer Play (Wall Street Journal, Michael J. Casey)

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Originally from Gaithersburg, Maryland, Millan is a senior at the George Washington University studying Biological Anthropology.

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