Buttercoin

Buttercoin
Industry Bitcoin marketplace/exchange
Founder Cedric Dahl, Bennett Hoffman[1]
Headquarters Palo Alto, California, U.S.[2]
Number of locations
 1 office
Area served
 USA
Key people
 Cedric Dahl (CEO)
Bennett Hoffman (CTO)
Kevin Zhou (Head Economist)
Kevin Adams (Lead Developer)
Services Buy, sell, and trade bitcoin
Total assets ~$1.6 million (2013)[3]
Number of employees
 4 (2013)[4]
Website Buttercoin.com

Buttercoin was a private American start-up company that provided digital currency exchange services to the US.[2][3] Specifically, Buttercoin operated a full order book trading platform for buying and selling bitcoins.

On April 6, 2015, citing a loss of interest in bitcoin from venture capital firms, the company announced that it was shutting down as of April 10, 2015.[5]

Funding

Y Combinator, Google Ventures (Kevin Rose and Chris Hutchins), Floodgate, Initialized Capital, Rothenberg Ventures, and Reddit co-founder Alexis Ohanian invested approximately $1 million into Buttercoin.[1][4] A Swiss company, Centralway Ventures, invested an additional $250,000 into Buttercoin.[3] Combined with other sources, Buttercoin raised a total of $1.6 million as of September 2013.[3] Subsequently, Buttercoin raised an undisclosed sum from Wedbush Securities, making it the first bitcoin company to receive investment from a large Wall Street institution. [6]

References

  1. 1 2 Cutler, Kim-Mai (August 20, 2013). "YC-Backed Buttercoin Uses Bitcoin To Attack The $500B-A-Year Remittances Economy". TechCrunch. Retrieved November 30, 2013.
  2. 1 2 Reutzel, Bailey (September 9, 2013). "Buttercoin Takes a Different Path to Handling Virtual Currency". PaymentsSource. Retrieved November 30, 2013.
  3. 1 2 3 4 Lomas, Natasha (September 18, 2013). "Swiss Company-Builder Centralway Opens $50M Fund, Invests $250k In Bitcoin Whitelabel Exchange Buttercoin". TechCrunch. Retrieved December 1, 2013.
  4. 1 2 Kolodny, Lora (August 19, 2013). "International Bitcoin Exchange Buttercoin Raises $1M to Revamp Remittance". VentureWire. Retrieved November 30, 2013. (Subscription required (help)).
  5. ↑ Russell, Jon (April 6, 2015). "Google Ventures-Backed Bitcoin Exchange Buttercoin Is Shutting Down". TechCrunch. Retrieved April 6, 2015.
  6. ↑ Kharif, Olga (November 17, 2014). "Bitcoin Startup Buttercoin Draws Wedbush as Investor". "Bloomberg". Retrieved December 9, 2014.
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