Bitcoin Exchange Company OpenCoin Raises Funding From Google Ventures

Posted May 15, 2013

Google Ventures has invested in OpenCoin, a company that created a Bitcoin exchange platform called Ripple.  Ripple is considered the “world’s first open payment network.”  Ripple can also be used to exchange other currencies besides Bitcoin.

OpenCoin previous raised funding from Andreessen Horowitz, FF Angel IV, Lightspeed Venture Partners, Vast Ventures and Bitcoin Opportunity Fund last month.  IDG Capital Partners also participated in this round.

?The OpenCoin team has an incredible track record and presents a compelling vision for the future of money,? stated IDG Capital Partners Feng Li. ?We are excited about the prospect for a global payments system that powers instant, free, and secure transactions in any currency.?

The goal of OpenCoin is to make Ripple as easy as sending an e-mail.  OpenCoin recently sent “ripples,” a currency used for transaction tokens on the network to some of their users recently.  Users that signed up before May 9th will be given free ripples by the end of the month.

There are several Bitcoin startups that recently raised funding.  This includes Coinbase and TransferWise.  Liberty City Ventures also recently announced a $15 million fund that is focused on Bitcoin.