| NEW YORK, April 1
NEW YORK, April 1 Bitcoin derivatives trading
platform BTC.sx has secured funding from Seedcoin Fund, BTC.sx
Chief Operating Officer George Samman told Reuters on Tuesday.
Samman has provided BTC.sx around $250,000 in funding, which
he said was the largest investment by Seedcoin so far.
"This is part of the funding we're trying to raise and we
are very close to landing additional funding," said Samman.
The investment in BTC is the sixth Bitcoin-denominated
position from the first SeedCoin fund. The other five businesses
are Cryptopay, CoinSimple, MexBT, Hive and zSIM, Seedcoin said
in a statement. SeedCoin is a startup "incubator" providing
early-stage investment to digital currency companies.
BTC, which started with a $150,000 investment, briefly
suspended trading on its platform after its bitcoin exchange
partner, Tokyo-based Mt. Gox, went dark in February following
weeks of turmoil. Mt. Gox eventually filed for bankruptcy
protection. Prior to the suspension, BTC offered derivatives on
Mt. Gox prices.
Samman said the platform resumed trading on March 10 and now
offers derivatives on BitStamp prices. BitStamp is a bitcoin
exchange based in Slovenia and is now considered the world's
largest based on trading volume.
According to Bitcoin Charts, BitStamp has 30-day U.S. dollar
volume of about $290 million.
Derivatives volume has been light since BTC resumed trading,
"It has been picking up slightly. We're nowhere near the
volumes we have seen before the collapse of Mt. Gox," Samman
said. "I think that's just a bitcoin-wide problem at the
BTC has brokered more than $44 million in bitcoin derivative
trades since it launched in April 2013.
When Mt. Gox collapsed, BTC lost all of the bitcoins it had
stored with the failed exchange. However, even before the Mt.
Gox failure, BTC had already started withdrawing funds and
reducing its exposure to the exchange because of worries about
(Reporting by Gertrude Chavez-Dreyfus. Editing by Andre Grenon)