I can't think of much better to do with a fresh $25M injection than getting full money-transmission licenses in most US states, complete with the surety bond coverage. The regs on that stuff (ie, the time and expense to get proper licensing) is why there's no major US exchange so far.
"Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California"
http://www.wsj.com/articles/first-u-s-bitcoin-exchange-set-to-open-1422221641 "Coinbase’s founders say they have been working for five months to win licenses from state financial regulators. They have regulatory approval in half of U.S. states, including large population centers like New York and California"