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Government Scoop on Bitcoin
Fed Once Considered Bitcoin for Real-Time Payments
The Federal Reserve once considered using a cryptocurrency for “real-time” payments to help reform the banking system in the U.S. The Fed released a white paper last week that detailed their consideration of “digital value transfer vehicles.” The vehicles, which likely referred to bitcoin, were ultimately deemed not “mature” enough at the time, but the Fed noted possible “future exploration” because of the “significant interest in the marketplace.”
USAA Sees Potential in Bitcoin
Financial services company USAA says their members have a strong interest in bitcoin technology. The company, which serves members of the military and their families, claims that interest is what drove their recent investment in bitcoin exchange Coinbase. USAA’s Vic Pascucci told Coindesk that while bitcoin is not currently used within the company, he sees it “playing a possible role in future services.”
CoinTerra Files for Chapter 7
Bitcoin company Cointerra, Inc. has filed for chapter 7 bankruptcy protection. The company submitted a filing last week to liquidate its assets, stating they owe up to 50 million dollars to hundreds of unsecured creditors. C7 data centers filed a lawsuit against Cointerra earlier this month for repayment of service fees and seeking several million dollars of damages.
Tel Aviv Bitcoin Startup Raises Over 2 Million in Capital
Colu, a new bitcoin startup based in Tel Aviv, attracted new funding to the tune of $2.5 million. The investment came from Israeli firms Aleph and Spark Capital. Colu provides bitcoin-based technology platform for application developers. The organization plans to launch a goods and services marketplace power by the blockchain technology later this year.
Tim Draper Bets Big on Bitcoin Revival
Billionaire venture capital investor Tim Draper is betting about half a million dollars that the price of bitcoin will bounce back. Despite the price drop, Draper told Bloomberg News he recently bought 2,000 bitcoins around for $200 each. Draper is the co-founder of investment firm Draper Fisher Jurvetson, which has also invested in several bitcoin technology startups. In 2014 he bought over 30,000 bitcoins at a government auction at a price per coin of over $600.
Reddit’s Digital Currency Delayed
Social news website Reddit announced its digital currency will be delayed. The company raised $50 million in venture capital funding for “Reddit Notes.” Reddit’s digital currency engineer Ryan Charles is leaving the company, which is rumored to be the cause of the delay. Reddit’s CEO issued a statement saying Reddit notes are still on the way but that the company has put the project on hold “until the law and technology around cryptocurrency are further along.”
Pic of the Week
Perianne Boring and Merris Badcock, WHAG reporter, filming a story on bitcoin at a Genesis Coin BTM in Washington, DC.
Quote of the Week
“The Blockchain isn’t Going to Enhance Remittance, It Will Kill Remittance.”
Tweet of the week
Ask @mikejcasey & @paulvigna anything about #bitcoin in their @reddit_AMA. Live now: http://t.co/prkIytIZqg pic.twitter.com/BvpFRLuMvI
— Wall Street Journal (@WSJ) January 29, 2015