TechCrunch March 25, 2014
The implosion of Mt. Gox is just every other Bitcoin exchange’s gain. Payward, which runs the alt-coin exchange Kraken, said it just raised a $5 million Series A round. Hummingbird Ventures, which is based out of Europe, led the round. Other angels included Trace Meyer and SecondMarket founder Barry Silbert.
Kraken is a platform that serves bitcoin along with a number of other currencies like Litecoin, Namecoin, Ven and Ripple. It’s one of the top 10 Bitcoin exchanges by volume, but there are other larger ones that serve multiple currencies like BTC-e, which appears to be based out of Eastern Europe.
Kraken’s platform supports margin trading, advanced ordering, fast deposits and withdrawals through a partnership with German online bank Fidor Bank. The company’s new funding round will go toward legal compliance and ensuring the security of the site.
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