Last week, a Bitcoin company based in London – Elliptic – announced a £2 million funding round led by Octopus Investments alongside a number of angel investors and became per se the very first British Bitcoin company to receive such an important funding. Elliptic will used this funding to support further product development and customer acquisition.
This new investment comes just six months after Elliptic launched Elliptic Vault the world’s first insured bitcoin storage service which allows institutions and organisations to accept Bitcoin without fear of losing its cryptocurrency in hackers attacks and to follow the value of Bitcoin over time. The Elliptic Vault is now being used by certain law firms and hedge funds such JPMorgan trader Dan Masters’ and the Global Advisors Bitcoin Investment Fund (bitcoin investment fund).
The company hopes to grow its team and become the trusted provider of enterprise digital currency infrastruture. Elliptic CEO, James Smith revealed that the team will add more services that help companies streamline the introduction of digital currencies in their existing processes: “We’re putting Elliptic at the heart of digital currency infrastructure. We will provide the key tools the industry requires to grow, from reporting and audit to better trade management and more.”
And to conclude: “We believe that the future of finance lies in digital assets, and as such it is essential that we work to both legitimise and protect the likes of Bitcoin. But digital currencies are just the start – the block chain technology behind Bitcoin has the potential to revolutionise a wide range of industries.”