Bitcoin wallet startup Breadwallet has announced $7 million in new funding alongside moving its headquarters to Switzerland.
Venture funded bitcoin startup Breadwallet has revealed details of a new funding round, bringing the total investment in the early bitcoin wallet provider to $7 million. Investors include DAS Capital, Globe Advisors, Liberty City Ventures, Maffin Inc., OKWAVE, East Ventures and Saison Ventures. Other investors in the notable funding round include several family offices, individual investors and venture funds from around the world.
The new round of funding will see resources allocated toward “significant upgrades and new features” for the expansion of Breadwallet’s platform, a company announcement revealed. A “much-improved user experience” is also in the works, as is developing an application for Android users, seen a “substantial” sector by the startup.
Japanese investor OKWAVE’s chief executive Kaneto Kanemoto underlined the wallet’s popularity in Japan at a time when bitcoin is firmly in the mainstream following Japan’s classification of bitcoin as a legal method of payment starting April this year.
“Bitcoin activity in Japan has grown dramatically in the past 12 months, and we anticipate accelerating growth for both bitcoin and breadwallet around the world,” stated Kanemoto.
First established in 2015, Breadwallet operates as an IOS-specific decentralized bitcoin wallet available in over 150 countries. A significant proportion (roughly one-third) of its users are based in North America. The new funding will also see help Breadwallet with business development and a marketing push in new territories around the world.
Further, Breadwallet’s new founding of funding coincides with the startup joining a number of other cryptocurrency and blockchain startups moving bases to Switzerland.
Breadwallet chief executive Adam Traidman stated:
Switzerland has emerged as a hotbed of digital currency startup activity, and we were attracted by its leadership in conservative financial legislation. Its strong reputation for financial privacy for consumers is the ideal fit for our charter to empower individuals with the benefits of bitcoin.
Earlier in January, bitcoin startup Xapo moved its global headquarters from California to the town of Zug, commonly known as ‘Crypto Valley’ in Switzerland for its regulator- and innovation-friendly climate.