NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tim Draper is the Winner of the Government’s Bitcoin Auction

newsbtc
newsbtc
4 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

And now for the news scores of members of the bitcoin community have been waiting for. The winner of last Friday’s bitcoin auction held by the United States Marshals Service has been revealed.

His name is Tim Draper, and he’s a prominent venture capital investor, and he’s made away with all 29,000+ bitcoins worth over $18 million.

The plan? According to this post on Medium, Draper will be partnering with a start-up called Vaurum with the goal of providing bitcoin liquidity in emerging markets.

Said Draper in a statement:

[blockquote style=”2″]Bitcoin frees people from trying to operate in a modern market economy with weak currencies. With the help of Vaurum and this newly purchased bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies. Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies.[/blockquote]

Vaurum pegs itself as a “robust bitcoin exchange for financial institutions”, and the huge pool of bitcoins acquired by Draper from the auction will help serve as a liquidity source for the exchange.

“It’s still quite difficult to get access to bitcoin in these developing economies — and that’s exactly where it is needed the most. Our goal is to build reliable infrastructure and increase liquidity, which are two major challenges in the ecosystem,” a Wednesday-morning statement from Avish Bhama, Vaurum CEO, reads.

Both Tim and Adam Draper are investors in Vaurum, having met at the Boost start-up accelerator in San Mateo, California.

Certainly, it will be interesting to see Vaurum make use of the bitcoins.

“Many thanks to the United States Marshals Service for their facilitation of the auction. We’re excited about the opportunity to put these coins to good use and are looking forward to working with Tim in such a unique way,” said Bhama.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 2

  1. Jan Kegelberg says:
    11 years ago

    Very glad to see this open announcement about what is going to happen with the coins. This way the US government also learns that not all bitcoin buyers and users are criminals and that bitcoin will be a game changer. Hopefully it will open their mind to supporting this new technology despite heavy lobbying against it from big institutions.

    Reply
  2. Abdul Thaheer says:
    11 years ago

    I would love to know how much Mr. Draper paid for all those coins. Just to ease my curiosity. He probably got a super deal…

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 2

  1. Jan Kegelberg says:
    11 years ago

    Very glad to see this open announcement about what is going to happen with the coins. This way the US government also learns that not all bitcoin buyers and users are criminals and that bitcoin will be a game changer. Hopefully it will open their mind to supporting this new technology despite heavy lobbying against it from big institutions.

    Reply
  2. Abdul Thaheer says:
    11 years ago

    I would love to know how much Mr. Draper paid for all those coins. Just to ease my curiosity. He probably got a super deal…

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

defi

DeFi coin rankings schudden op – Hyperliquid, Sui en Avalanche breken door naar top 10 lijst

rliquid, Sui en Avalanche zetten een enorme opmars in naar de top van de DeFi crypto markt. Sinds deze week...

Lars Diederiksen 3 hours ago

Prezzo di Cardano in Rialzo, ADA Tenta la Rottura Oltre i 0,59$

Il prezzo di Cardano ha iniziato una nuova fase di crescita partendo dalla zona di supporto a 0,5650$. Attualmente ADA...

clararosati 4 hours ago
Ethereum Risks Downside If Resistance Holds: $2,700 Level Is Critical

Ethereum Risks Downside If Resistance Holds: $2,700 Level Is Critical

Ethereum is trading above the $2,500 level, showing notable strength despite recent volatility across the broader crypto market. Since early...

Sebastian Villafuerte 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

비트코인, 도지코인 및 밈코인 일제히 상승세... 토큰6900도 따를까?

비트코인, 도지코인 및 밈코인 일제히 상승세… 토큰6900도 따를까?

Soyeon Lee 8 minutes ago
elon musk DOGE

Elon Musk plant onthulling ‘America Party’ – significante invloed op crypto markt verwacht

Lars Diederiksen 17 minutes ago

Анализ ликвидности BTC: $107 000 и $110 500 станут целями

lisachaikina 3 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨おすすめ|億万長者を生む可能性が高いのはどちらか?XRP対シバイヌ比較

    ...

    9 minutes ago
  • XRP vs Shiba Inu Melyik kriptovaluta nagyobb eséllyel tesz milliomossá

    XRP vs Shiba Inu: Melyik kriptovaluta nagyobb eséllyel...

    12 minutes ago
  • FUNToken

    FUNToken Announce $5M Giveaway Designed to Boost Adoption

    36 minutes ago
  • 3 алткойна, които си струва да следим през първата седмица на юли 2025

    3 алткойна, които си струва да...

    38 minutes ago
  • XRP срещу Shiba Inu Коя криптовалута има по-голям шанс да създаде милионери

    XRP срещу Shiba Inu: Коя криптовалута...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.