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Los Angeles-based bitcoin venture capital company Block26 has completed its first investment by pouring $450,000 in the cryptocurrency wallet service provider Airbitz.
Californian venture capital company Block26 has invested $450,000 in digital currency wallet provider Airbitz, thus completing its first investment in the bitcoin sector. Block26 is leading a $1,250,000 seed round which is set to be completed this summer.
Block26 CEO Ni’coel Stark and Airbitz CEO Paul Puey gave an interview to CoinSpeaker.
“Block26 is making its first investment in Airbitz because not only is it the best digital wallet for consumers, it is far more than a wallet. Airbitz technology enables a multifaceted financial tool, an extraordinary implementation on edge security, and a whole new contribution to the Internet of Things,” said Block26 co-founder Ni’coel Stark.
“Block26 is excited to empower Airbitz solutions in revolutionizing transaction, authentication and security processes,” she added.
Airbitz is a decentralized platform that allows its users to easily and securely receive, store and send money. It solves many of the security issues and doesn’t allow any third party to access user information or funds. The wallet features the globe’s first one-touch 2-factor authentication and is available for both Android and iOS devices.
The decentralized architecture enables Airbitz wallets to work even if the servers are down. The registration process is rather simple as it requires only login and password, without additional encryption settings and passphrases.
“Airbitz is tremendously honored to have Block26 as our partner and lead investor,” said Airbitz CEO Paul Puey. Block26 plans to focus completely on decentralized technologies, blockchain and bitcoin ventures.
“Block26 brings incredible experience in building highly tuned team dynamics and they see the value in people, companies, and industries that aren’t afraid to disrupt the status quo. We look forward to building a decentralized world with their passion and support at our side,” he said.
According to Airbitz COO Rick “Henri” Chan, Block26 is not just an investor for Airbitz. The company plans to continue working closely with Block26 in the upcoming years.
“Block26’s unique financial model allows for a flexible investment strategy that could provide Airbitz and other portfolio companies with early stage capital, with the capacity to provide bridge funding as well. For these reasons and many more, we greatly look forward to Block26 joining our Board,” Chan said.
As for Block26, there were many reasons the company selected Airbitz as their first investment.
“To the partners at Block26, the most important characteristic in a potential portfolio company is its people, both individually and as a team. We look for teams that have the agility and stamina to be persistent problem solvers, those who can imagine and evolve as issues or opportunities develop,” Stark said.
“We look for potential synergy and how willing a company is to collaborate with other entrepreneurs within the community. We look for unusual intelligence and application models, how able a company is to change direction and to be passionate and pragmatic at once. Airbitz met our standards at every level, and we find them to be unique and excellent enough to make a significant investment in their future,” she added.
Speaking about the potential of Airbitz in the IoT world, Stark said: “Airbitz’s development on edge security and device-centered technology enables devices and objects in the Internet of Things to transact with each other and to actually “pay” each other, securely, simply and perhaps automatically. The overall implementations could be vast and far-reaching.”
Airbitz is committed to increase people’s awareness of decentralized technology and contribute to the global adoption of bitcoin.
We’ll be pushing forward the remainder of this year with enabling our global users with on and off ramps to digital currency, integrated within the Airbitz platform. Going forward, we’ll be capitalizing on our decentralized edge-security platform to show the world that the masses can incorporate zero-knowledge, private applications that drive the ethos of bitcoin to various applications,” said Puey.