These funds will be used to grow its suite of products, the company said.
Fundraising was led by members of the bitcoin community, including Brad Mills, Greg Foss, Jay Gould, American HOD and three dozen others.
In addition, Bitcoin-focused investors Seetee, Mimesis Capital, Fulgur Ventures, Lightning Ventures, Hivemind Ventures and Plan B Ventures participated in the round. Other venture capital investors included Revolution’s Rise of the Rest Seed Fund and Cavalry Asset Management also contributed.
“It’s amazing to have the collective support of some of the biggest Bitcoiners, Bitcoin VCs, traditional investors and major industry partners, all around one shared vision to bring Bitcoin to millions, hopefully billions, of people,” said Ben Price, the CEO of The Bitcoin Co., in a statement.
The firm was founded as an alternative way send, spend, save and use money.
Last month, IntoTheBlock said more than 99% of bitcoin volume comes from cryptocurrency transactions over $100,000.
Digital currency has been seeing large volumes of money, including non-fungible tokens (NFTs) making more than $17 billion in trading in the last year. That’s an increase of 21,000% over 2020’s total of $82 million.
These transactions demonstrate that cryptocurrency as an uncorrelated asset class might not be a popular belief, though it doesn’t seem to be deterring interest from regular banks.