Startup Bitcoin buying platform raises $400k seed funding

MyBitcoinSaver, a platform enabling New Zealanders to easily buy Bitcoin, has raised $400,000 in seed round funding and says it plans to expand into the UK.

Investors in the seed round included Brian Cartmell, investor in the billion-dollar US Bitcoin exchange Coinbase; David Smith, director of Caci Clinic; and Techemy: the parent company of Bitcoin analysis and news company Brave New Coin.

MyBitcoinSaver, launched by Aucklander Sam Blackmore – the founder of Auckland web services company Webscope -- in November last year, claims to make it easy for New Zealanders to invest small amounts regularly in Bitcoin.

It says the $400,000 seed money will be used to hire development staff and fund marketing in New Zealand and in the UK, where it will soft-launch within the next two months with the aim being to roll out the service publicly after three months in beta testing.

MyBitcoinSaver says it decided to extend its operations there “because London is the financial capital of the world and there’s an appetite for a safe and reliable way to buy Bitcoin with Pounds Sterling.”

According to Blackmore, until recently, the cryptocurrency world was an exclusive club of early adopters. “Unless you were very smart or willing to spend hours hunting for them, buying Bitcoins in New Zealand hasn’t been easy,” he said. "We want to help all New Zealanders tap into the exciting opportunities Bitcoin presents.”

Once registered on MyBitcoinSaver users can set up automatic payments of between $10 and $200 on a weekly, fortnightly, or monthly basis. MyBitcoinSaver then bulk buys Bitcoin from an overseas exchange and distributes these to users’ wallets in the same week. The company claims to have signed up 1460 New Zealanders.

Blackmore said he had been investing in Bitcoin since 2013 and initially built the early prototype of MyBitcoinSaver mdash; with a few lines of code mdash; for himself, friends and family.

Copyright © 2017 IDG Communications, Inc.

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