For those of you not familiar with Bitcoin, it is a digital currency (best explained by wikipedia and at lifehacker.com) that is fast becoming an accepted form of internet payment. It is especially popular with the computer-savvy and those who want to cut-out the middleman. Sound familiar? It should.
Etsy investor and Board Director, Jim Breyer, has invested $9 million in a bitcoin start-up (from Breyer Capital):
Mr. Breyer is an investor in Circle Internet Financial, one of the host of start-ups trying to find a way to make bitcoin a widely adopted currency for retail payments. The company was started by Jeremy Allaire, a serial entrepreneur, and it aims to be a payment processing system for online and physical merchants, similar to the service PayPal offers online. Along with his venture firm, Accel Partners, and another called General Catalyst Partners, Mr. Breyer has invested $9 million in the company.
Mr. Breyer was quoted as saying: “I’m confident you will see major worldwide retailers adopting systems built on bitcoin.”
Rusetsy predicts Bitcoin will soon become another Etsy payment option, and may even replace Paypal. If you haven’t done so already, now may be the time to create your bitcoin wallet!
Union Square Ventures backs Coinbase, a digital wallet for Bitcoin.