Buttercoin

Last updated
Buttercoin
formerly: Private
Industry Bitcoin marketplace/exchange
FounderCedric Dahl, Bennett Hoffman [1]
Headquarters Palo Alto, California , U.S. [2]
Number of locations
1 office
Area served
USA
Key people
Cedric Dahl (CEO)
Bennett Hoffman (CTO)
Kevin Zhou (Head Economist)
Kevin Adams (Lead Developer)
ServicesBuy, sell, and trade bitcoin
Total assets ~$1.6 million (2013) [3]
Number of employees
4 (2013) [4]
Website Buttercoin.com

Buttercoin was a private American start-up company that provided digital currency exchange services to the US. [2] [3] Specifically, Buttercoin operated a full order book trading platform for buying and selling bitcoins.

Digital currency Internet based non-physical currency

Digital currency is a type of currency available in digital form. It exhibits properties similar to physical currencies, but can allow for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies and cryptocurrencies and central bank issued money accounted for in a computer database. Like traditional money, these currencies may be used to buy physical goods and services, but may also be restricted to certain communities such as for use inside an online game or social network.

An order book is a business's list of open, unshipped, customer orders, normally time-phased and valued at actual individual order prices, that may include margin and profitability analysis.

Contents

On April 6, 2015, citing a loss of interest in bitcoin from venture capital firms, the company announced that it was shutting down as of April 10, 2015. [5] [6]

Funding

Y Combinator, Google Ventures (Kevin Rose and Chris Hutchins), Floodgate, Initialized Capital, Rothenberg Ventures, and Reddit co-founder Alexis Ohanian invested approximately $1 million into Buttercoin. [1] [4] A Swiss company, Centralway Ventures, controlled by Martin Saidler invested an additional $250,000 into Buttercoin. [3] Combined with other sources, Buttercoin raised a total of $1.6 million as of September 2013. [3] Subsequently, Buttercoin raised an undisclosed sum from Wedbush Securities, making it the first bitcoin company to receive investment from a large Wall Street institution. [7]

Kevin Rose American entrepreneur and television host

Robert Kevin Rose is an American Internet entrepreneur who co-founded Revision3, Digg, Pownce, and Milk. He also served as production assistant and co-host at TechTV's The Screen Savers. From 2012 to 2015, he was a venture partner at GV.

Rothenberg Ventures, known briefly as Frontier Technology Venture Capital, is an American venture capital firm based in San Francisco, California, and founded in 2012 by Mike Rothenberg. It has invested in more than 100 companies, including Bustle, Revel Systems, and SpaceX, and has focused its investments on virtual reality and other "frontier" technologies.

Reddit online news aggregator

Reddit is an American social news aggregation, web content rating, and discussion website. Registered members submit content to the site such as links, text posts, and images, which are then voted up or down by other members. Posts are organized by subject into user-created boards called "subreddits", which cover a variety of topics including news, science, movies, video games, music, books, fitness, food, and image-sharing. Submissions with more up-votes appear towards the top of their subreddit and, if they receive enough votes, ultimately on the site's front page. Despite strict rules prohibiting harassment, Reddit's administrators spend considerable resources on moderating the site.

References

  1. 1 2 Cutler, Kim-Mai (August 20, 2013). "YC-Backed Buttercoin Uses Bitcoin To Attack The $500B-A-Year Remittances Economy". TechCrunch . Retrieved November 30, 2013.
  2. 1 2 Reutzel, Bailey (September 9, 2013). "Buttercoin Takes a Different Path to Handling Virtual Currency". PaymentsSource. Archived from the original on 2013-12-03. Retrieved November 30, 2013.
  3. 1 2 3 4 Lomas, Natasha (September 18, 2013). "Swiss Company-Builder Centralway Opens $50M Fund, Invests $250k In Bitcoin Whitelabel Exchange Buttercoin". TechCrunch . Retrieved December 1, 2013.
  4. 1 2 Kolodny, Lora (August 19, 2013). "International Bitcoin Exchange Buttercoin Raises $1M to Revamp Remittance". VentureWire. Retrieved November 30, 2013. (Subscription required (help)).
  5. ↑ Russell, Jon (April 6, 2015). "Google Ventures-Backed Bitcoin Exchange Buttercoin Is Shutting Down". TechCrunch . Retrieved April 6, 2015.
  6. ↑ "Buttercoin Folds Despite $1.3 Million Investment". CoinDesk. 2015-04-06. Retrieved 2017-11-17.
  7. ↑ Kharif, Olga (November 17, 2014). "Bitcoin Startup Buttercoin Draws Wedbush as Investor". "Bloomberg". Retrieved December 9, 2014.
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