[2013-18-12] Dabur scion bites into Bitcoins

[mpradeep]

http://timesofindia.indiatimes.com/Business/India-Business/Dabur-scion-bites-into-Bitcoins/articleshow/27546979.cms

MUMBAI: Riding on the heightened interest around the digital cryptocurrency Bitcoin, Dabur scion Gaurav Burman has invested in itBit, a Singapore-based Bitcoin exchange, and plans to bring the platform to India over a period of time. Burman has bought in his personal capacity a minority stake in the exchange, which is building a global platform for trading in Bitcoins with US dollars, Singapore dollars and the euro with technology support from Nasdaq.

The startup has raised $3.25 million in its latest funding round, and $5.5 million in total, led by the likes of Canaan Partners and RRE Ventures with participation from Liberty City Ventures. Silicon Valley investors have been pumping in big money, despite regulatory issues, into many virtual currency startups. The price of Bitcoin, which is not yet backed by any central bank, soared above $1,000 for the first time in November this year.

"A credible Bitcoin exchange platform that allows conversions into other major currencies in a secure and transparent manner will encourage wider usage of the currency. The investment is also an opportunity to study the business potential in a more mature financial market like Singapore, and we will consider the possibility of bringing the platform to India in the future," Burman told TOI.

[Carlton Banks]

It's stories like this and the Virgin Galactic one that serve to remind us: powerful corporate interests run government these days, and the central banking cartels are not the only such corporate powers. India is starting to look like a nascent market, as China did in 2012.

[bryant.coleman]

Nice to see the new adoptions. But this extreme volatility is making me nervous. In the past few days, Bitcoin has come down from $1,200 to $450. No merchant in their right mind will be happy with this. 

[LiteCoinGuy]

Nice to see the new adoptions. But this extreme volatility is making me nervous. In the past few days, Bitcoin has come down from $1,200 to $450. No merchant in their right mind will be happy with this. 

yes, its volatility. and for this we have payment providers.

-----

nice news, i like it. in these days we see alot funding (millions) in several startups, very interesting cryptoworld.

[Jochen]

Nice to see the new adoptions. But this extreme volatility is making me nervous. In the past few days, Bitcoin has come down from $1,200 to $450. No merchant in their right mind will be happy with this. 

yes, its volatility. and for this we have payment providers.

-----

nice news, i like it. in these days we see alot funding (millions) in several startups, very interesting cryptoworld.

Indeed. Many things will happen in 2014 i expect

[cypherdoc]

wow, a USD exchange based out of Singapore.

that's sounds promising.  what jurisdiction does the US gov't have there?

[Lethn]

Nice to see the new adoptions. But this extreme volatility is making me nervous. In the past few days, Bitcoin has come down from $1,200 to $450. No merchant in their right mind will be happy with this. 

It's true, it is a problem for merchants, I have to deal with it as well being I'm trying to sell stuff but that's why you always look for alternatives and try to diversify.

[Peter R]

Nice to see the new adoptions. But this extreme volatility is making me nervous. In the past few days, Bitcoin has come down from $1,200 to $450. No merchant in their right mind will be happy with this. 

It's true, it is a problem for merchants, I have to deal with it as well being I'm trying to sell stuff but that's why you always look for alternatives and try to diversify.

At this stage of the game, merchants should be using BitPay and converting funds instantly to USD.  Volatility is not a problem and this payment method is cheaper and easier than Visa. 

Should a merchant decide to hold a fraction of sales as bitcoin, then they are acting as an investor and should understand the volatile nature of this digital commodity.