Bitcoin wallet service providers are always looking for new opportunities. Launching a new service or improving upon the existing one requires a lot of funding, though. Breadwallet the well-respected iOS Bitcoin wallet provider, recently raised $7m in funding from various investors. This goes to show the traditional financial sector is paying close attention to cryptocurrency for the right reasons.
It is good to see Breadwallet raise an additional $7m in funding right now. Given the recent Bitcoin price surge that is not entirely surprising. Even traditional investors are paying more attention to Bitcoin than ever before. Rather than buying cryptocurrency outright, investing in one of the many companies in this space is a solid choice. Breadwallet wants to use the money to expand their business development and marketing teams. Additionally, they will bring more functionality to the wallet.
More Funding for Breadwallet is a Good Thing
For the time being, it is unclear which new features may be introduced. Most popular Bitcoin wallets provide built-in exchange features. It is possible we will see something similar for Breadwallet at some point. Additionally, expanding the marketing team is a smart move. Although most iOS users know about Breadwallet, its installation numbers are still pretty low. Improving upon that situation will take a few dedicated marketing campaigns, to say the least.
It is also interesting to note how the company will move to Switzerland Breadwallet founder and CEO Adam Traidman explained this decision as follows:
“Switzerland has emerged as a hotbed of digital currency startup activity, and we were attracted by its leadership in conservative financial legislation. Its strong reputation for financial privacy for consumers is the ideal fit for our charter to empower individuals with the benefits of bitcoin.”
Breadwallet is not the first company to create headquarters in Switzerland. Xapo, a company known for their wallet services and debit card, is also headquartered there. Switzerland is a very open-minded region when it comes to cryptocurrencies and related businesses. It is not unlikely we will see more companies set up shop in that country over the coming years. All of the investors partaking in this funding round are quite bullish on Bitcoin and Breadwallet alike. It will be interesting to see if their positive attitude is justified.
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